The Nigerian currency which seemed poised for a run of depreciations at the parallel market following the new development in the country’s downstream oil sector, crashed further on Friday, May 13, ending the week at N360 per dollar.
Nevertheless, the currency maintained its value at the official CBN peg, exchanging at N199 to the dollar despite report on Sahara Reporters that the naira now sells for N290 and N360 at CBN.
The naira is expected to remain flat but rather stable this week ahead of the rollout of the foreign exchange policy of the Central Bank of Nigeria.
The Nigerian currency which seemed poised for a run of depreciations at the parallel market following the new development in the country’s downstream oil sector, crashed further on Friday, May 13, ending the week at N360 per dollar.
Nevertheless, the currency maintained its value at the official CBN peg, exchanging at N199 to the dollar despite report on Sahara Reporters that the naira now sells for N290 and N360 at CBN.
fact check today, May 16, shows that the naira has strengthened against the dollar and now sells for N343 to the greenback as against the N360 rate on Friday. This was disclosed by one of our Bureau de change sources.
our BDC source in Katsina said: “The naira now trades at N343 to a $1. There is rush for dollars following government’s decision to throw open permission to import and sell Petrol Motor Spirit (PMS), to any interested Nigerian entity.”
The president of the Association of Bureau de Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, also revealed that the pressure on the naira would continue to be strong but the value is expected to be relatively stable as the market awaits the decision of the apex bank.
He said: “There has been calm after the initial announcement which saw the naira drop to N360, which it is at now, and is expected to remain so until the CBN announces their plan.”
Meanwhile, you can check out our bureau de change market here for the most authentic forex rates.
Nevertheless, the currency maintained its value at the official CBN peg, exchanging at N199 to the dollar despite report on Sahara Reporters that the naira now sells for N290 and N360 at CBN.The naira is expected to remain flat but rather stable this week ahead of the rollout of the foreign exchange policy of the Central Bank of Nigeria.
The Nigerian currency which seemed poised for a run of depreciations at the parallel market following the new development in the country’s downstream oil sector, crashed further on Friday, May 13, ending the week at N360 per dollar.
Nevertheless, the currency maintained its value at the official CBN peg, exchanging at N199 to the dollar despite report on Sahara Reporters that the naira now sells for N290 and N360 at CBN.
fact check today, May 16, shows that the naira has strengthened against the dollar and now sells for N343 to the greenback as against the N360 rate on Friday. This was disclosed by one of our Bureau de change sources.
our BDC source in Katsina said: “The naira now trades at N343 to a $1. There is rush for dollars following government’s decision to throw open permission to import and sell Petrol Motor Spirit (PMS), to any interested Nigerian entity.”
The president of the Association of Bureau de Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, also revealed that the pressure on the naira would continue to be strong but the value is expected to be relatively stable as the market awaits the decision of the apex bank.
He said: “There has been calm after the initial announcement which saw the naira drop to N360, which it is at now, and is expected to remain so until the CBN announces their plan.”
Meanwhile, you can check out our bureau de change market here for the most authentic forex rates.
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