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Nigerian naira on Wednesday morning swing back to 455 per dollar after News Agency of Nigeria, NAN reported a massive appreciation of 8.1 per cent at 425 on Tuesday evening.
Table below shows today's (01/03/2017) exchange rate of the Nigerian Naira against the Dollars, Pounds and Euros
Some of the BDC operators believed that the provision of forex by the Central Bank of Nigeria to the commercial banks was responsible for the appreciation of the naira in the market.
According to Bloomberg report, the recent gains of the naira at the black market due to the flooding of the market with dollars by the CBN is only temporary as the cureency becomes the biggest black-market gain in a year.
Until the naira is devalued or make a clear switch to a free-floating currency, Africa’s most-populous country will struggle to lure back foreign investors, JPMorgan Chase & Co. and Renaissance Capital told Bloomberg.
Related: Dangote Cement Declares N186.62Bn Profit, Proposes N8.50k Dividend
Table below shows today's (01/03/2017) exchange rate of the Nigerian Naira against the Dollars, Pounds and Euros
Some of the BDC operators believed that the provision of forex by the Central Bank of Nigeria to the commercial banks was responsible for the appreciation of the naira in the market.
According to Bloomberg report, the recent gains of the naira at the black market due to the flooding of the market with dollars by the CBN is only temporary as the cureency becomes the biggest black-market gain in a year.
Until the naira is devalued or make a clear switch to a free-floating currency, Africa’s most-populous country will struggle to lure back foreign investors, JPMorgan Chase & Co. and Renaissance Capital told Bloomberg.
Related: Dangote Cement Declares N186.62Bn Profit, Proposes N8.50k Dividend
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