Nigeria’s Apex Bank, CBN, has on Tuesday lowered theNAIRA
peg to 196.95 against the Dollar from 196.90, it set last week.
peg to 196.95 against the Dollar from 196.90, it set last week.
According to Reuters, this is the fourth time the CBN will be adjusting the peg since it was introduced in February.
Information gathered also suggests that the development has led to the recent fall of theNAIRA to 228 against the Dollar at the parallel market.
to 228 against the Dollar at the parallel market.
The yield on the Federal Government’s 2024 bond in the JP MorganGOVERNMENT BOND Index also rose by 40 basis point to 14.74 per cent.
Index also rose by 40 basis point to 14.74 per cent.
Traders said the move mightINDICATE that CBN is beginning to think about how to loosen its currency regime.
that CBN is beginning to think about how to loosen its currency regime.
No comments:
Post a Comment