The Central Bank of Nigeria's new policy of floating the naira seems to be taking its toll on the Nigerian currency positively after its announcement in the last 48 hours.
The value of the naira in exchange for the dollar in the black market has appreciated significantly. According to the Zenith bank rate, the naira which stood at N365 since Monday has today, Friday the 17th of June, 2016, fallen to N355.
CBN's new policy is expected to take effect on Monday next week when the market opens with limited participation of the apex bank.
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