329 Views

CBN Weakens Naira To 307/US$ For First Time

Nigeria’s central bank on Monday weakened the naira marginally, selling dollars at 307 naira each for the first time on the official interbank market, in what traders say could signal a gradual move to merge its multiple exchange rates.

Nigeria’s convoluted exchange rate system has been used to manage what the central bank described as “frivolous” demand for dollars at the peak of a currency crisis which began two years ago.

The West African country now has at least five exchange rate including the official one which the bank used to mask pressure on the currency. In April it allowed foreign investors to trade the naira at market determined rate, which has weakened the currency to around 360.

The bank has sold $500,000 almost on daily basis on the official spot market since creating several exchange rates to alleviate dollar shortages. However it had sold the currency at rates of between 305 naira and 306 naira for months before Monday’s move.

ALSO READ  How To Make Your Perfume Last Longer And Stay Stronger

”It’s possible the central bank is working towards a gradual convergence of rates”, one trader told Reuters.

Earlier this month the bank sold dollars at 306 naira for the second time after maintaining a level of around 305 naira on the spot market for two months.

Dollar shortages gripped Africa’s biggest economy as crude sales, Nigeria’s mainstay, plunged at the start of an oil price rout in 2014. That triggered a recession last year and frustrated businesses, which had to find dollars on the black market as a result.

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

China Offers Scholarship To 47 UNIZIK Students
Geeky & Smart
Geeky & Smart

China Offers Scholarship To 47 UNIZIK Students

PH - May 25, 2018

The Chinese Embassy in Nigeria on Thursday offered scholarship to 47 students of Nnamdi Azikiwe University, a.k.a. UNIZIK, Awka, Anambra State. Professor Joseph Ahaneku, vice chancellor of…

READ: Singer Timaya Gives Advise to People Living Fake Lifestyles; “Wear the Clothes You Can Afford”
Best of Nigeria
2 views
Best of Nigeria
2 views

READ: Singer Timaya Gives Advise to People Living Fake Lifestyles; “Wear the Clothes You Can Afford”

MT - May 25, 2018

Popular Nigerian singer, Timaya has some words of advise for folks who hell bent on living a fake life just to ‘keep up with the Jones’s’ While people are…

Photos: Beautiful Family: Rapper, Olamide Steps Out With His Fiancee And Son
Best of Nigeria
12 views
Best of Nigeria
12 views

Photos: Beautiful Family: Rapper, Olamide Steps Out With His Fiancee And Son

MT - May 25, 2018

Indigenous Nigerian rapper, Olamide stepped out recently with his fiancee, Bukunmi and their son for what he called ‘School runs’. It should be recalled that the rapper proposed to…

Reply to Reno Omokri: How Mbaka Openly Criticised Buhari
Politics
16 views
Politics
16 views

Reply to Reno Omokri: How Mbaka Openly Criticised Buhari

MT - May 25, 2018

When I heard that Reno Omokri said Catholic priest, Rev Fr. Ejike Mbaka has remained mute despite all the evils perpetrated in Buhari's administration, it became clear…

Leave Her Alone, Bobrisky Berates Kemi Olunloyo Over Linda Ikeji
Entertainment
16 views
Entertainment
16 views

Leave Her Alone, Bobrisky Berates Kemi Olunloyo Over Linda Ikeji

MT - May 25, 2018

Nigerian Male Barbie, Bobrisky has reacted to ongoing war of words between controversial journalist, Kemi Olunloyo and celebrity blogger, Linda Ikeji over her pregnancy. Recall that Kemi Olunloyo…

See How A Soldier Posted To Maiduguri Since 2014 Thanked God After 4 Years
Inspiring
14 views
Inspiring
14 views

See How A Soldier Posted To Maiduguri Since 2014 Thanked God After 4 Years

MT - May 25, 2018

A Nigerian soldier,John Oden,has taken to Facebook to express his gratitude to God for his protection from death and doom since 2014 in Maiduguri, Borno state capital.Oden…

Dear Buhari, This Is The Abacha I Remember
Best of Nigeria
11 views
Best of Nigeria
11 views

Dear Buhari, This Is The Abacha I Remember

PH - May 25, 2018

By Buchi Obichie In light of the recent flowery comments made about the late Gen Sani Abacha by President Muhammadu Buhari, the writer, Buchi Obichie, recalls her…

Turner Wright Limited Receives $150 Million Financing from Milost Global to Grow African Market
Business
9 views
Business
9 views

Turner Wright Limited Receives $150 Million Financing from Milost Global to Grow African Market

PH - May 25, 2018

Turner Wright Limited a Nigerian company providing solutions in animal health, animal nutrition and hygiene has executed a Milost Equity Subscription Agreement financing facility with Milost Global…

How Touchbal Raised $20,000 Funding from GenesysTechHub
Business
12 views
Business
12 views

How Touchbal Raised $20,000 Funding from GenesysTechHub

PH - May 25, 2018

Touchabl Pictures has announced a raise of $20,000 Pre-seed funding from GenesysTechHub to support product development. Touchabl Pictures is a Picture searching app that lets users find…

Facebook Launches First African Tech Hub in Nigeria
Featured
23 views
Featured
23 views

Facebook Launches First African Tech Hub in Nigeria

PH - May 25, 2018

One of the largest social media platforms in the world, Facebook has just launched its first technology hub in Africa in Nigeria. The hub which is situated…

Sack Dogara, 9 Others For Dragging APC To Court Over Congresses – Saidu
Politics
23 views
Politics
23 views

Sack Dogara, 9 Others For Dragging APC To Court Over Congresses – Saidu

MT - May 25, 2018

Alhaji Ali Saidu, a renowned All Progressives Congress chieftain in Bauchi State has urged the party’s factional headquarters not to hesitate to sack Speaker, Yakubu Dogara, and…

Osun State Speaker Reveals Zone That Will Produce Aregbesola’s Successor
Politics
24 views
Politics
24 views

Osun State Speaker Reveals Zone That Will Produce Aregbesola’s Successor

MT - May 25, 2018

Hon. Najeem Salaam, Speaker of the Osun State House of Assembly, has said nothing will stop the All Progressives Congress (APC) from zoning the next governorship seat…

Kogi Community Petitions Chief Of Naval Staff Over Torture, Illegal Activities Of Officers
Buzz & Trends
21 views
Buzz & Trends
21 views

Kogi Community Petitions Chief Of Naval Staff Over Torture, Illegal Activities Of Officers

MT - May 25, 2018

The people of Olla in Igalamela/Odolu local government area of Kogi State have written a petition to the Chief of Naval Staff over alleged torture and shooting…

US Federal Court Orders Samsung To Pay Apple $533 Million In Patent Case
Technology
19 views
Technology
19 views

US Federal Court Orders Samsung To Pay Apple $533 Million In Patent Case

PH - May 25, 2018

A US federal court jury has ordered Samsung to pay Apple $533 million for copying iPhone design features in a case dating back seven years. An original trial…

Benue Killings: Yakassai, Balarabe Musa Blast Soyinka Over Ethnic Cleansing Comment
Buzz & Trends
24 views
Buzz & Trends
24 views

Benue Killings: Yakassai, Balarabe Musa Blast Soyinka Over Ethnic Cleansing Comment

MT - May 25, 2018

A Third Republic Presidential Adviser, Alhaji Tanko Yakasai and former governor of Kaduna State, Balarabe Musa have fire back at Nobel Laureate, Wole Soyinka for describing the killings…

2019 And The Politics Of Campaign Finance
Politics
21 views
Politics
21 views

2019 And The Politics Of Campaign Finance

PH - May 25, 2018

Reuben Abati Each Governor was reportedly asked by the ruling APC party to bring N250 million ahead of the party’s National Convention. When the public protested, recently,…

Our Report Based On Eyewitness Accounts – Amnesty International
Best of Nigeria
25 views1
Best of Nigeria
25 views1

Our Report Based On Eyewitness Accounts – Amnesty International

MT - May 25, 2018

Country Director of Amnesty International (AI), Osai Ojigho, has said its report detailing how security forces rape and starve Boko Haram victims was based strictly on eyewitness…

Skills Needed To Be A Successful Entrepreneur
Business
22 views
Business
22 views

Skills Needed To Be A Successful Entrepreneur

PH - May 25, 2018

Entrepreneurs are people who start their own business. They're known for embracing risk, having big ideas, and making major innovations that change how others do business. While…

Loading...