By InvestAdvocate
Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) on Wednesday announced the interbank market rate closed at N202/$1 at the end of the day’s transactions.
An e-mail sent to InvestAdvocate by Uche Tobias Nnamdi, office of the special adviser to the governor on communications, governor’s department reads thus: “
I have been directed to inform you that the Interbank Rate closed today as follows,’:
DATE | NGN (N) | US DOLLAR ($) |
Wednesday, 11th February, 2015 | 202.00 | 1 |
This is coming on the heels of report from Proshare News & Investigations that Nigeria has shut down its interbank market as the naira oversold at N205/$1.
However, a Reuters report said the nation’s local currency declined two (2) percent on Wednesday and currency forwards priced in more devaluation to come as Nigeria’s political and security crisis escalates, while other emerging markets also retreated in face of a stronger dollar.
The reported added that the naira is down more than 10 percent against the dollar this year despite repeated central bank interventions, weighed on by the postponement of Feb. 14 elections, weak oil prices and an Islamist insurgency.
“Standard and Poor’s on Tuesday placed Nigeria on creditwatch negative.’ The report said.
