The Guardian: CBN pegs N360 to one dollar at retail market

The Central Bank of Nigeria (CBN) yesterday approved an exchange rate of N360 to the United States dollar in line with its liberalisation policy for the retail segment unveiled five weeks ago. During the period, the apex bank committed nearly $2 billion in the foreign exchange sub-sector through the interbank for invisible items and the 30 to 60 days forwards market for the real sector.

The Guardian further learnt that the intervention was, besides making forex readily available to end users, to strengthen the naira against other currencies following its free fall occasioned by speculations at the parallel market.

Following the announcement yesterday, the apex bank offered $85 million to banks at the rate of N357/$ to commence the new policy and $100 million to boost liquidity for players in the manufacturing sector.

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