Naira eases on official market after cenbank dollar sale -traders

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LAGOS, March 13  – Nigeria’s central bank sold the dollar on Monday at its highest level on the official interbank market since August, traders said, pushing down the naira.

The local currency fell to 306 per dollar from the 305.50 level it has traded since last year. Traders said the central bank intervened at 305.50 on Monday and then commercial lenders resold dollars at a 0.50 naira margin. A total of $6.25 million was traded.

 

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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