Nigerian Naira To US Dollar Black Market Rate

Central Bank of Nigeria (CBN) said the post-devaluation band for the naira is "appropriately priced", but black market dealers out on the street are trading it at around 3-5 per cent below its floor in the run-up at Christmas.

The naira stays at record lows despite efforts of authorities to crack down on currency speculation by squeezing liquidity and 8 per cent devaluation of the target band.

The naira has been hit hard in recent months by a steep fall in the price of Nigeria's main export, oil.

Details On Reuters.

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Source: Legit.ng