Business
Naira sells at N314.50 per dollar on interbank market
The Naira traded in the interbank foreign exchange market at N314.50 per dollar far above the Central Bank of Nigeria exchange rate. The interbank foreign exchange market saw transactions worth $1.34 million at a rate of N314.50 per dollar, as banks traded the local currency at below the central bank rate.
The central bank has used a rate of around N306 to supply dollars to banks since it introduced a multiple exchange rate system in February.
In, April the CBN allowed foreign investors to trade the Naira at a market-determined rate, which has depreciated to around N360. It was quoted at around 363 per dollar at retail exchange bureaus on Wednesday.
-
Uncategorized1 day ago
June 12 Democracy Day declaration not enough, as citizens wallow in pain – ActionAid, FG declares Friday public holiday
-
Finance10 hours agoElon Musk becomes world’s first trillionaire as SpaceX shares soar on stock market debut
-
Economy1 day agoNigeria’s Digital Boom needs nuclear power partnerships for long-term success
-
News1 day agoCardoso formally receives Central Bank of the Year Award
-
Stock Market10 hours agoFG to raise N4trn bond to settle electricity debt
-
Oil and Gas1 day agoNNPC is house of thieves, fraud; Kyari must be arrested dead or alive to account for N210 trillion—Oshiomhole
-
Oil and Gas1 day agoDangote Refinery seeks $1bn private placement ahead of planned listing
-
News10 hours agoUK, Nigeria unveil £15m programme to boost investment