CBN Strengthens Exchange Rate, As Naira Appreciates

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Nigeria’s apex bank, Central Bank of Nigeria (CBN) on Monday strengthened its naira-dollar exchange rate peg to N196.97 from the N197 to a dollar it traded last week on the interbank market.

The Naira appreciated by N0.03 as the CBN continues to tighten its grip on the foreign exchange market and ensure the local currency does not devalue.

The CBN announcement of Monday market the 10th adjustment by the apex bank on forex since the introduction of restrictive policy and the banning of 41 items from accessing forex on the official interbank market.

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According to a forex analyst who spoke to Reuters: “The central bank sent a broadcast today advising 195.97/196.97 as buying and selling rate on the interbank market at its intervention session.”

See Also: CBN Weakens Exchange Rate, As Naira Depreciates


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