Naira falls to #205-$1 at foreign exchange rate


The Nigerian naira continued its free fall against the dollar at the foreign exchange bureaus, closing at N206-$1 United States dollar. The naira had sold for between N193 – N194 earlier in the week. According to Dealers in Lagos, Nigeria’s commercial hub, the market has been very volatile since the Central Bank of Nigeria (CBN) stopped foreign exchange bureaus from buying dollars through commercial banks, in a move to save the naira amidst falling crude oil prices. The dealers were directed to buy directly from the CBN’s own auctions. The bank said the move aimed “to curb speculative demand in the market” or to prevent people from rushing to procure dollars as the naira declines.

Posted from WordPress for Android


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s