The naira weakened for a fourth day after the central bank in Nigeria removed limits on how many dollars can be sold to foreign-exchange bureaus, driving demand for the U.S. currency. The currency of Africa’s second-biggest economy retreated as much as 1.6 percent to 163.21 per dollar, the lowest on […]
Tag: Naira
Nigeria central bank acts to support naira, worried about govt spending
* Key interest rate held at 12 pct for 14th time * Cbank says committed to exchange rate stability * Sanusi concerned about falling oil savings, leakages * High spending ahead of elections next year a worry (Adds details, quote, background) Nigeria’s central bank lifted the cash reserve requirement […]
CBN defends naira with $1.4bn in two weeks
The increasing pressure on the naira has forced the Central Bank of Nigeria to defend the currency with $1.45bn within the first two weeks of this year, latest statistics by the bank has shown. According to the data, the central bank offered $1.45bn in four regulated actions through the Retail […]
