Stacks of US fifty and one hundred dollar bills in money bag

The Nigeria’s naira again depreciated by 1.6 percent and  quoted at 367 on the black market on Wednesday, down 1.6 percent against the dollar as delays by the central bank in explaining how its new forex policy would work increased speculation on the currency.

The naira traded at 199.40, within central bank’s pegged rate band on the official interbank market.

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Last month, the central bank said it would abandon its naira peg to the dollar and introduce a flexible currency regime. It has not said how this would work, though, which has unsettled investors worried about getting caught in the middle of a devaluation.

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Source: Reuters