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Friday, 27 May 2016

DESPITE CBN'S POLICY, NAIRA PLUNGES AGAINST DOLLAR [DETAILS]

Friday, May 27, 2016 Posted by Anonymous No Comments

The Naira weakened further against the United States dollar at the parallel market on Thursday.

The local currency was trading at 360 to the dollar, from 342 a dollar last week.

It however continued to trade around the peg rate of 197 to the dollar on the official interbank market.

This comes days after the Central Bank of Nigeria (CBN) said it would adopt a flexible exchange rate policy.

Analysts say Nigeria’s naira is expected to trade cautiously as currency traders and investors await clarity from the central bank on its latest foreign exchange policy.