Naira Pulled Down To N315 Against The Dollar

Naira has further pulled down to N315 against the dollar in the black market. Yesterday the Naira traded at N315 to one US Dollar as black market operators sold at high N318/USD1 but CBN’s rate remained at N197/ USD1, while inter bank rate was N199.

The dollar has been moving up ever since the apex bank stopped selling foreign currencies to Bureau De Changes, BDCs. Also the interbank lending rate rose to two per cent from one per cent on Monday, after the Central Bank of Nigeria had directed commercial banks to fund their naira accounts ahead of its intervention in the forex market on Thursday.


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