CBN Adjusts Naira-Dollar Exchange Rate As Traders Predict Currency Shrink

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Naira Strengthens To N435/$ From N525 As CBN Continues Intervention

Nigeria’s Apex Bank, CBN, has on Tuesday lowered the Naira peg to 196.95 against the Dollar from 196.90, it set last week.

According to Reuters, this is the fourth time the CBN will be adjusting the peg since it was introduced in February.

Information gathered also suggests that the development has led to the recent fall of the Naira to 228 against the Dollar at the parallel market.

The yield on the Federal Government’s 2024 bond in the JP Morgan Government Bond Index also rose by 40 basis point to 14.74 per cent.

Traders said the move might indicate that CBN is beginning to think about how to loosen its currency regime.

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Datboyjerry

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