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Naira settles at 338 to $1 at black market as new forex regime takes off

The Naira is currently selling at between N337 and N338 today, June 20, in the black market as the new Forex trading guideline, which allows the exchange rate of the naira to be market-driven commences today. consulted with some Bureau-de Change operators in Lagos who confirmed that the price is not expected to be stable going forward but as at 2.58pm on Monday they were selling a dollar for N338 and buying at N330 to a dollar.

Meanwhile, the Naira was quoted at 254 when Nigeria Interbank Foreign Exchange (NIFEX) opened today, removing the peg of 197-199 that the central bank had in place from February 2015.

– Daniel Fayemi for

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