Naira Drops To N197 Per Dollar At Interbank Market

Naira Drops To N197 Per Dollar At Interbank Market

13:51

In what will be the 9th adjustment since tighter controls were announced by the Central Bank of Nigeria, CBN, in February, the apex bank has changed the exchange rate peg to N197 naira from N196.98 it set on Monday.

According to reports from This Day newspaper, the regulator sent a message announcing the adjustment on the interbank market.

The CBN continues to intervene at the interbank market periodically to provide forex liquidity support for the local currency. It also sells dollars twice-weekly to the bureau de change operators as part of bids to support the Naira and narrow the gap between the official forex and parallel market. 

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