Nigeria Currency (Naira) Crashes Against Dollar

On Tuesday, Naira  traded at N362.5 to the greenback at the parallel market,while Pound Sterling and the Euro closed at N476 and N426 respectively.

At the Bureau De Change window, the Naira flattened at N362 to the dollar, while the Pound Sterling and the Euro closed at N476 and N426 respectively.

Trading at the interbank window saw the Naira closed at N359.87, whilst the CBN fee closed at N305.9 to the dollar.

According to traders, patronage at the market was gradual as they awaited the result of the Monetary Policy Committee meeting of the CBN.

Mr Godwin Emefiele, the Central Bank of Nigeria’s Governor, said at the stop of the MPC meeting that the window transacted more than $18.7bn in view that it commenced transaction in April.

The MPC meeting of the CBN retained the benchmark interest charge at 14 per cent alongside different financial coverage parameters.

The CBN had injected$ 210m into the overseas alternate market on Monday to increase liquidity.