Posted on: February 24th, 2015 by Administrator No Comments

The Central Bank of Nigeria (CBN) on Thursday ordered importers to repatriate their dollar earnings within 180 days or risk suspension from all segments of the foreign exchange market. This was as the naira suffered sharp depreciation against the dollar in the parallel market and the interbank market in reaction to the closure of the official foreign exchange market by the CBN.

At the parallel market, the naira depreciated by N5 as the parallel market exchange rate rose to N218 per dollar on Thursday from N213 on Wednesday.

At the interbank foreign exchange market, the naira depreciated by N2.51 as the interbank exchange rate rose to N199.1 per dollar from N196.59 on Wednesday.

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