Meanwhile the Central Bank of Nigeria, a couple of hours ago, released guidelines for the operation of a flexible exchange rate, paving the way for the jettisoning of the fixed exchange rate
Browsing: Devaluation OF Naira
The Nigerian currency, the Naira, on Monday depreciated further, trading at N225 to the dollar at the parallel market.…
The Naira was devalued from $1 to N155 to $1 to N199, with the effect that it sold in the black market at N233 to $1 last week
A dealer, who preferred anonymity, told the News Agency of Nigeria in Lagos that the depreciation might be due to the closure of the Retail Dutch Auction System by the Central Bank of Nigeria
The central bank has struggled to keep the naira within its preferred band even after devaluing the currency by 8 per cent last Tuesday in a bid to halt a decline in the foreign reserves of Africa’s biggest economy
The NAN correspondent, who checked near the Sheraton Hotel, Zone 4, Abuja, the rendezvous for most black market operators, found that the closest naira exchange to the official exchange rate was N182