By InvestAdvocate
Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) said on Tuesday the interbank closing rate is 197 naira to one (1) dollar.
The naira faced the prospect of a sell-off when the CBN removed trading restrictions imposed last year to reduce volatility.
The Nigeria’s local currency is down more than 17 percent against the greenback in the past six (6) months. The naira was unchanged at 199.05 per dollar.
As at Thursday April 2, 2015 before the Easter holiday, the naira traded at N200 to a dollar and has exchanged above N200 since January 22nd, 2015.
Proshare daily exchange monitor say the value of the naira has depreciated significantly in the face of several measures by the CBN to stem the worsening value of the naira against major currencies in the world.
The report further affirmed that following the initial devaluation of the naira by eight (8) percent and the closure of the rDAS window, the new official naira/dollar exchange rate is now N197/$1.
