Friday, November 26, 2021

    Nigeria naira eases sharply on official market

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    Naija247news Editorial Team
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    ABUJA, Nov 25 – Nigeria’s naira eased 8.5% against the dollar to 449.25 on the official market on Thursday, Refinitiv Eikon data showed.

    It later firmed to 413 naira but remained weaker on the black market , where it trades more freely, at 565 naira against the dollar.

    Reuters could not verify the counterparties involved in Thursday’s trade.

    The central bank has been selling dollars to foreign investors and local companies on the spot and forwards market at exchange rates weaker than at the range of 409-415 naira where commercial banks trade the currency.

    On Tuesday, the World Bank urged the central bank to improve its exchange-rate management, in order to speed up other reforms, adding that the naira’s black market premium was fuelling inflation. read more

    Reporting by Chijioke Ohuocha; Editing by Alex Richardson

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