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CBN Once Again Adjusts Exchange Peg Rate To N196.90 To A Dollar

Posted by Lolade on Fri 12th Jun, 2015 - tori.ng

Just a week after the modification of the exchange rate, the Central Bank of Nigeria has once again, adjusted its exchange rate peg to N196.90 to a dollar at the interbank market.

The Central Bank of Nigeria (CBN) has once again tweaked its exchange rate peg to N196.90 to a dollar at the interbank market.

The rate was adjusted last week to N196.95/$1.

Dealers who reacted to the change, said the apex bank had sold dollars to the inter-bank market at the new rate on Thursday, June 12, dismissing the move as a currency appreciation as it wasn't market driven, but noted it could signal the coming of a new policy.

Reuters reported that the naira opened trade on thin volumes at N198.90 to the dollar on the interbank market. It traded at N220 on the black market on Thursday, June 11.