Home Other gist Cbn Reduces Naira to 307/dollar for the very First time

Cbn Reduces Naira to 307/dollar for the very First time

The Central Bank of Nigeria (CBN) on Monday has reduced the Naira drastically, selling dollars at N307 for the first time on the official interbank market, in what some traders say could be signal and a gradual move to merge its multiple exchange rates.

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Recently it had sold the currency at rates of between N305 and N306 for months before Monday’s move.

“It’s possible the central bank is working towards a gradual convergence of rates,” one trader told Reuters.

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We hope something is done about this… We want more move on this dollar to naira issue.

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