Business & Entrepreneurship NEWS

Naira Appreciates at Interbank Market

Written by Didi Adams

The Naira, at the Interbank market, on Thursday gained 80 kobo to the dollar, the Central Bank of Nigeria (CBN) says.

The apex bank, in a statement in Lagos, said that the Naira closed at N185.50 from the N186.30 recorded on Wednesday. News reports that the appreciation may be due to regular intervention at the interbank and foreign exchange markets by CBN.

One of such measures included review upward of the Net Open Positions (NOP) of commercial banks’ shareholders’ fund from 0.1 per cent to 0.5 per cent.

The upward review is to increase liquidity at the interbank and foreign exchange markets. The Naira had been on the downward trend due to the drop in oil prices at the international market.

Credit: NAN

About the author

Didi Adams

Writer, Brand Strategist, Media Professional and Deep Thinker.

  • But they don’t want to sell dollars to those that need it ie those that want to travel out on business trip or else so how much is it on blsck market!