The battle in the depreciating value between the Naira and Dollar continues as the Central Bank of Nigeria, CBN, has adjusted its exchange rate peg to N197 against the dollar from N196.95.
According to reports from This Day newspaper, this latest adjustment is the fifth since the bank introduced tight controls on the foreign exchange market in February.
Meanwhile at the parallel market, the Naira depreciated to N243 to a dollar, down 0.83 percent from the previous day. This persistent decline of the Naira follows the introduction of new measures by the CBN last month, restricting access to hard currency at the interbank in a bid to conserve dwindling foreign exchange reserves.
Biko....which way Nigeria?
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