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CBN Adjust FX Peg Again



The Central Bank of Nigeria (CBN) adjusted its exchange rate peg on Wednesday to N196.95 against the dollar from the 197 set since July, traders said, quoting a broadcast from the regulator.
The adjustment is the sixth since the CBN introduced a tight controls on the foreign exchange market in February.
The bank said at the time it would sell dollars only at 198 naira to customers through the interbank based on direct orders by banks.

The local currency appreciated on the parallel market on Wednesday, trading at 222 to the dollar, better than 224.50 a dollar on Tuesday after the central bank injected $80 million into the bureau de change market, traders said.
The naira also closed firmer at the new rate of 196.50 to the dollar at the official interbank market compared with 197 per dollar rate the previous day.




Source:  BusinessDay

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