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CBN slightly adjusts naira-dollar foreign exchange rate

05 June 2015, 13:20

Abuja - The bank adjusted the rate at which it sold the United States dollar from N197 to N196.95, Reuters reports.

Prior to Thursday’s action, the rate had been oscillating between N197 and N199 for a few months.

Economic and financial analysts said the action might indicate that the CBN was beginning to think about how to loosen its currency regime.

They noted that the change was too small to be called a revaluation, particularly in the face of dwindling foreign reserves.

The naira had traded on thin volumes at 198.95 to the dollar on the interbank market on Thursday, before two large sales totalling $36.4m were done at N196.95 towards the close of the forex market, foreign exchange dealers said.

- Reuters

Tags cbn nigeria

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