Naira fell to a six-month low at the parallel market Tuesday after the Central Bank of Nigeria adopted the relatively flexible Nafex exchange rate, effectively devaluing the currency.
The currency closed at N411.56 to the dollar at the Investors and Exporters market, also known as Nafex, a 0.08 per cent depreciation from Monday. Naira touched an intraday high of N363.00 and a low of N420.25, according to data posted on theThe CBN posted the I&E rate on Monday on its website two weeks after it deleted the previous official fixed rate of 379 naira, effectively devaluing the currency by 7.6 per cent.
At the time, CBN governor Godwin Emefiele reiterated that the apex bank still maintained the “official rate” of N379, while the Nafex rate of N410 was adopted for certain government businesses.He said the CBN was operating a “managed float” policy, which allows it to watch market dynamics and intervene in the market whenever necessary.
I don’t understand the central bank. Is it that they don’t understand the Nigerian economy dynamics or they just decide not to make the right choice to make niara better. Or better still change your information sources cause everything used had to be false to reach conclusions
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