L
LequteMan
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Nigeria - The Central Bank of Nigeria yesterday lowered the naira peg to 196.95 against the dollar from 196.90 it set last week.
This is the fourth time the CBN had adjusted the peg since it was introduced in February, Reuters reports.
This follows the recent fall of the naira to 228 against the dollar at the parallel market.
The yield on the Federal Government’s 2024 bond in the JP Morgan Government Bond Index also rose by 40 basis point to 14.74 per cent.
Traders said the move might indicate that CBN is beginning to think about how to loosen its currency regime.
This is the fourth time the CBN had adjusted the peg since it was introduced in February, Reuters reports.
This follows the recent fall of the naira to 228 against the dollar at the parallel market.
The yield on the Federal Government’s 2024 bond in the JP Morgan Government Bond Index also rose by 40 basis point to 14.74 per cent.
Traders said the move might indicate that CBN is beginning to think about how to loosen its currency regime.
