Business
Naira depreciates at investors exchange rate window
The value of naira at the portfolio investors and exporters window of the foreign exchange market was quoted at N378.54 against the dollar data from market regulator FMDQ OTC Securities Exchange showed.
It closed at N374.96 in its previous session. On the main, official interbank market the currency was quoted at N305.90 to the dollar.
The central bank said it will allow investors to trade the naira at market determined rates — a move intended to improve the dollar supply.
“The new window reflects the true value of the naira,” one trader at a major Nigerian bank said. “Once the central bank reduces intervention on the interbank market the naira will trade closer to the new window.”
Nigeria is battling a currency crisis brought on by low oil prices, which has tipped its economy into recession and created chronic dollar shortages.
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