Naira Remains at N306/$ at Interbank, Not N184/$

February 23, 2019

By Dipo Olowookere

The Naira traded at the interbank segment of the foreign exchange market on Friday at N306 to a Dollar, contrary to the N184 per Dollar suggested by Google yesterday, Business Post has confirmed.

Yesterday, the popular search engine platform displayed on its website that the local currency was exchanging at N184 per Dollar.

This caused anxiety in the country, with some surprised at the ‘sudden crash’ of the local currency against the United States legal tender.

Some Nigerians were also reading a political meaning to it as it happened on the eve of the presidential and National Assembly elections in the country.

But a check by Business Post on the website of the Central Bank of Nigeria (CBN) showed that the Naira remains at N306.80k to $1.

Also at the parallel market, the local currency was exchanged at N360 per Dollar, while at the investors and exporters segment, the Naira was transacted at N361.49 per Dollar.

It was gathered that the N184 per Dollar exchange rate displayed on Google may have been caused by a technical hitch the platform experienced.

However, as at the time of filing this story, the issue has been resolved with the platform now showing the exchange rate at N361.75 to $1.

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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