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.
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