Central Bank of Nigeria (CBN) said the post-devaluation band for the naira is “appropriately priced, but black market dealers out on the street are trading it at around 3-5 per cent below its floor in the run-up at Christmas.
The naira stays at record lows despite efforts of authorities to crack down on currency speculation by squeezing liquidity and 8 per cent devaluation of the target band.
The naira has been hit hard in recent months by a steep fall in the price of Nigeria’s main export, oil.
Details On Reuters.
READ MORE: Naij News
The naira stays at record lows despite efforts of authorities to crack down on currency speculation by squeezing liquidity and 8 per cent devaluation of the target band.
The naira has been hit hard in recent months by a steep fall in the price of Nigeria’s main export, oil.
Details On Reuters.
READ MORE: Naij News
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