Connect with us

Business

CBN Adjusts Exchange Rate As Naira Falls To $244

Published

on

The Central Bank of Nigeria on Thursday adjusted its exchange rate peg to N197 against the United States’ dollar from the N196.95 it set last week, data on the bank’s website showed.

According to Agency Reports, this came on the heels of a further decline in naira to 243 against the dollar at the parallel market on Thursday.

The persistent decline of the naira in the parallel market followed the introduction of new measures by the central bank last month, restricting access to hard currency at the interbank in a bid to conserve dwindling foreign exchange reserves.

The forex rate adjustment on Thursday was the fifth since the CBN introduced tight controls on the forex market in February, Reuters reported.

The bank said at the time that it would sell dollars only at N198 to customers through the interbank based on direct orders by banks.

The naira traded at 199.50 to the dollar on the interbank market on Thursday, compared to the 197 per dollar rate at which it closed on Wednesday.

Forex dealers said the outcome of the Monetary Policy Committee meeting of the CBN due on Friday (today) could affect the naira.

“We are very optimistic that the central bank would come out with some measures to support the naira at the end of its MPC meeting on Friday,” the Acting President, Association of Bureau De Change Operators, Alhaji Aminu Gwadabe, told our correspondent.

He also said the association had met with the CBN in Abuja on Thursday to discuss the need to reverse the recent policy requesting BDCs to collect prospective customers’ Bank Verification Number before selling forex to them.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *