Naira Makes First Fall 8 Days After New CBN Forex Policy

March 1, 2017
naira and dollar

Naira Makes First Fall 8 Days After New CBN Forex Policy

By Dipo Olowookere

The Naira made its first fall eight days after the Central Bank of Nigeria (CBN) introduced a new foreign exchange policy that gave the local currency a bit of strength at the parallel market against world’s major currencies.

The Naira had closed on Monday at N450 per Dollar at the parallel market, but lost N5 on Tuesday to finish at N455 to the Dollar.

It was observed that the local currency was traded at its opening rate of N450 per Dollar for most part of the day until in the evening, when it crashed by N5.

However, Business Post observed that the Naira remained stable against the Pound Sterling on Tuesday, exchanging at N560.

Surprisingly, the local currency gained strength against the Euro at the parallel market, trading at N460 in contrast to N470 it opened for the day.

At the interbank segment of the forex market, the Naira remained stable at N305.50k to the Dollar, N379.83k to the Pound Sterling and N323.86k to the Euro.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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