By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian local currency the naira on Wednesday closed at 211/$1 U.S dollar compared to N210 it traded on Tuesday at the parallel market (black market).
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) has said the current $34 billion Nigeria’s external reserve is adequate to meet all legitimate foreign exchange demands.
He warned that the CBN would not hesitate to suspend the dealership licences of banks that engage in speculative demand and are involved in FOREX malpractices as well as infractions.
Last Friday the CBN reviewed upward the weekly forex cash sales to BDCs from $15,000.00 to $30,000.00 per BDC and this will take effect from tomorrow Wednesday January 28, 2015.
“While, the CBN will sell to BDCs weekly at the prevailing interbank rate, the BDCs are expected to sell to the public at not more than 3.5 percent above the CBN selling rate,” the CBN said.
On November 25, 2014, the Nigeria’s central bank devalued the naira by eight percent (8%) to N168 to a US dollar. it also raised interest rates to 13 percent by 100 basis points in a view to check losses to its foreign reserves from defending the currency against weaker oil prices.
