Nigeria’s naira slumps after cenbank weakens currency on spot market

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LAGOS, March 14 (NAIJA247NEWS) – Nigeria’s naira weakened for the second consecutive session on Tuesday after the central bank sold the dollar at its highest level ever on the official interbank market.

Traders said the central bank sold $1.5 million at 305.75 per dollar. Commercial lenders then resold dollars at a 0.50 naira margin, leaving the naira at 306.25 at the close of the session.

Nigeria’s government unveiled a sweeping economic recovery plan last week that included a relaxing of foreign exchange restrictions with a view to achieving a market-determined regime. The central bank later told reporters it would not allow the Naira to float freely.

The naira was quoted at 453 on the black market on Tuesday, firmer than 455 per dollar its previous close.

 

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