The Naira plunged against the US dollar on Monday after Nigeria’s government scrapped its fixed exchange rate and allowed market forces to determine the currency’s value. “Trading started at 9:00 am (0800 GMT) this morning. All the 24 commercial banks are participating. The offer is 249 to 265 naira to the dollar,” one forex trader…
The newly introduced flexible exchange rate policy by the Central Bank of Nigeria, CBN, which will allow market forces to fix rate for Naira has commenced on Monday, June 20, 2016. The new regime was introduced last Wednesday by the government and from what Aproko247 gathered, the Naira is changing in the region of 270…
Central Bank of Nigeria, CBN, Governor, Godwin Emefiele, has announced the floating of the country’s official currency, Naira. The nation’s chief banker announced this on Wednesday in Abuja at a press conference. With the latest policy, which takes full effect on June 20, 2016, the Naira exchange rate will now be market-driven. Also, it is…
The Central Bank of Nigeria, CBN, has denied reports in the media that the Federal Government was planning to devalue to country’s currency, Naira. The apex bank further said it is also not true that the Naira has been secretly devalued to N290 to $1 as being speculated. According to CBN Acting Director, Corporate Communications,…
Top Nigerian businessman, Ifeanyi Ubah, has threatened to publicly name those behind the crisis rocking the country’s currency in the forex market. On Sunday, the Capital Oil and Gas boss said on Channels TV that if given the opportunity by President Muhammadu Buhari, he would ensure the Naira exchanges for a Dollar at N200 within…