Thursday 23 February 2017

Naira hits biggest recovery since recession, goes from N520 to N503 per dollar

The Naira, yesterday, Wednesday, hit its biggest recovery since the economic recession started, the currency went from N520/$1 to N503/$1 on Wednesday.

The development came 24 hours after the CBN provided a total sum of $370,810,810.79 to 23 banks to meet the visible and inviable requests of customers.
Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, said the Bank’s intermediation in the Forex market was the first intervention aimed at easing the pressure of access to forex by Nigerians who intend to meet obligations that fall under visible and invisible needs categories.
He said the CBN offered $500,000,000.00 for sale to the banks, but not all of them provided enough naira backing to pay fully for their respective bid amounts.

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