CBN’s New Forex Rules: Naira Down By 2.7 % | Independent Newspapers Limited
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CBN’s New Forex Rules: Naira Down By 2.7 %

Posted: Jun 29, 2015 at 1:32 pm   /   by   /   comments (0)

NIGERIA’S currency is trading at N226 to the dollar on the parallel market on Monday June 29, 2015, down by 2.7 per cent since the new Central Banks’s foreign exchange rules designed to conserve dwindling reserves, traders said.

The naira sold for N220 to the greenback before the new Central Bank measures announced on Wednesday restricting importers from sourcing hard currency from the interbank market to buy 41 items, including foreign bonds, rice and cement.

Trading on the interbank market, which is pegged around the Central Bank’s rate of N196.90, was at N198.90 on Monday June 29, 2015.