CBN Adjusts Naira – Dollar Exchange Rate

central-bank-of-nigeria-CBN

The Central Bank of Nigeria, CBN, has adjusted the exchange rate for the Naira from N197 per Dollar to N196.95 per Dollar according to data on its website.

The naira currently trades at 198.95 to the dollar on the inter-bank market and between 215 to 218 in the parallel market.

The CBN had set the exchange rate at N197 per Dollar in February after the Naira’s value was eroded due to the fall in oil prices.

The bank adjusted the rate at which it sold hard currency this week, dealers said, noting that the change was too small to be considered a revaluation for the naira, particularly in the face of dwindling foreign reserves.

Dealers said the central bank had been selling dollars to the inter-bank market at its adjusted rate.

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