English>

MarketNews

No quotes on Nigeria's official FX market after currency weakened at auction - REUTERS

JULY 06, 2020

ABUJA, July 6 (Reuters) - No quotes for the naira were available on Nigeria’s official market on Monday after the central bank allowed the currency to weaken 5% at a retail auction in a move to unify the currency’s multiple exchange rates.

Currency traders refused to quote prices for the naira amid confusion about the impact of the central bank’s adjustment.

The central bank, Nigeria’s main forex supplier, asked lenders on Friday to bid for dollars at 380 naira per dollar, 5% above its official rate of 360. (Reporting by Chijioke Ohuocha; Editing by Hugh Lawson)

SEE HOW MUCH YOU GET IF YOU SELL

NGN
This website uses cookies We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you've provided to them or that they've collected from your use of their services
Real Time Analytics