The nation’s currency, the naira on Thursday gained N1.63k against the US dollar after the Central Bank of Nigeria (CBN) adjusted its exchange rate peg to N196.95/$.
At the end of trading on Thursday the local currency closed at N198.95k/$ compared to N199.00k/$, the opening price. This represents 0.83 percent appreciation against the greenback, according to the data compiled by Bloomberg.
The data obtained from the CBN’s website show that the Apex bank has adjusted its exchange rate peg to 196.95 naira against the dollar from the 197 it set in February after the currency’s value was battered by the fall in oil prices.
On June 3, 2015, naira also strengthened by a net change of N1.63k or 0.82 percent against the dollar as it closed by N197.37k with an opening price of N199/05k.
The currency of the Africa’s biggest oil producer has a record high of 206.60 on February 12, 2015 with a net change of 36.55 and an average of 179.43 compared to a low value of 156.61 on March 11, 2014.
Godwin Emefiele, governor of CBN, has in the last Monetary Policy Committee (MPC) noted that the average naira exchange rate was relatively stable at both the interbank and Bureau-de-Change segments of the foreign exchange market in April, 2015.
The exchange rate at the interbank market opened at N197.80./US$ and closed at N197.00/US$, with a daily average of N197.04/US$. This represented an appreciation of N0.80k for the period.
At the Bureau-de-Change segment, the exchange rate opened at N225.00/US$ and closed at N217.50/US$, with a daily average of N216.75/US$. This represented an appreciation of N7.50k for the period
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