The Next Edition
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate
No Result
View All Result
The Next Edition
No Result
View All Result
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate
Home Headline News

CBN devalues naira to 307/dollar for first time

Next Edition by Next Edition
December 5, 2017
in Headline News
CBN devalues naira to 307/dollar for first time
0
SHARES
71
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

The Central Bank of Nigeria, CBN, has effected a marginal devaluation of the naira, with the dollar selling at 307 on the official interbank market for the first time.

The devaluation was carried out on Monday.

You might also like

Four Dead, ’18 Injured’ As IEDs Explode In Yobe

Police Arrest Two Traffic Robbers In Lagos

Lagos Assembly Approves Solar-powered Street Lighting Initiative

At present, records show that Nigeria has no fewer that five exchange rates including the official rate which the apex bank uses for checkmating pressure on the currency.

The current decision to weaken the naira, according to some foreign exchange traders, might be a gradual move to merge the regulator’s multiple exchange rates.

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

READ ALSO : Alison-Madueke: Court orders forfeiture of N1.5b property to FG

In April, the CBN allowed foreign investors to trade the naira at market-determined rate through the establishment of the Investors and Exporters FX window, which has weakened the naira to around 360/dollar.

The CBN has sold $500,000 almost on daily basis on the official spot market since creating several exchange rates to alleviate dollar shortages.

But it had sold the United States currency at rates of between 305 and 306 for months before Monday’s move.

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

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

Dollar shortages gripped the 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.

Tags: CBNnewsNEXT EDITIONNIgerianigeria newspapersUnited States
Next Edition

Next Edition

Recommended For You

Police Arrest 'immigration officer,' 3Others With Trailers Of Rustled Cows

Four Dead, ’18 Injured’ As IEDs Explode In Yobe

At least four people have been killed and 18 reportedly injured following two separate improvised explosive device (IED) explosions in Gujba LGA of Yobe state. According to Zagazola...

Police Arrest Hotelier Over OAU Post-Graduate Student’s Death

Police Arrest Two Traffic Robbers In Lagos

  Operatives of the Lagos Rapid Response Squad (RRS), a unit of the Lagos Police Command, have arrested two notorious traffic robbers operating in the Ketu and Mile...

Lagos Govt Reaffirms Ban On Flogging In Schools, Upholds Counseling

Lagos Assembly Approves Solar-powered Street Lighting Initiative

  The Committee urged the Lagos State Electricity Board to ensure equitable distribution of the solar street lights across all parts of the state. The Lagos House of...

Senate Confirms Sani Adam As INEC National Commissioner

Constitution Review: Senate To Consider States Creation Requests, State Police, Other Bills

The Senate committee responsible for reviewing the 1999 constitution has announced that it will evaluate 31 proposals for the creation of new states as part of a renewed...

Next Post
More Nigerians arrive from Libya

More Nigerians arrive from Libya




Related News

Federal Polytechnic Ado Ekiti shut indefinitely

Federal Poly Ado Ekiti shut indefinitely

Actress Kate Henshaw named judge for CBS global talent show

Actress Kate Henshaw named judge for CBS global talent show

NCDC Announces Measles Outbreak In 8 States

NCDC Announces Measles Outbreak In 8 States




The Next Edition

Office Address

3B, Agboola Aina street, Off Toyin Street,
Ikeja, Lagos.

Quick Contact Details

Phone:
08033018430
Whatsapp:
08051679910

Email:
[email protected]
[email protected]

Categories

  • Aviation
  • Beauty
  • Breaking News
  • Business
  • Columnists
  • Editorial
  • Entertainment
  • Fashion
  • Featured
  • Football
  • Foreign
  • Headline News
  • Home & Garden
  • Interviews
  • Investigations
  • North Central
  • North East
  • North West
  • Opinion
  • Parenting
  • Politics
  • Relationships
  • South East
  • South West
  • South-South
  • Special Reports
  • Sports
  • Top News
  • Vox Pops

© Next Edition Business Development Limited

  • About Us
  • Advert Rate
  • Contact Us
  • Privacy Policy
  • Terms of Use
No Result
View All Result
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate

© Next Edition Business Development Limited