Tag
FOREX
Forex turnover dropped by 63.7% while the exchange rate depreciated for a third consecutive trading day.
The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Thursday.
Forex turnover rose by 44.9% while the exchange rate depreciated closing at N386.50/$1.
The forex turnover dropped by 64.4% while the exchange rate remained stable at N386/$1.
CBN noted that the ban was necessitated in order to protect local production of maize.
Naira appreciated against the dollar at the Investors and Exporters (I&E) window on Monday.
The drop is due to pressure on the black market as a result of a scarcity of dollars.
The black market rate last touched this low in March 2017.
The opening indicative rate was N387.32 to a dollar on Wednesday.
The CBN still continues to warn against currency speculators who patronize the black market.
Between 2012 and 2017 the naira has depreciated by 30% compounded annually.
The CBN still continues to warn against currency speculators who patronize the black market.