Home > Breaking news > Naira Ends At 305/USD After Central Bank Dollar Sales

Naira Ends At 305/USD After Central Bank Dollar Sales

The naira was quoted at 455 to the dollar on the black market on Monday, firmer than 460 at its previous session, as international money transfer operators had started to sell dollars to retail currency outlets. The currency had weakened to a record low of 495 per dollar on the black market last month.

The bank held a dollar forward auction last Friday to clear a backlog of demand from airlines, manufacturers and other companies, as the country’s currency crisis deepened. Result of the auction was yet to be published, traders say.

About Editor

Otunba Sayo Akintola is a 1992 graduate of Linguistics from the University of Ibadan, Oyo State. He holds a post-graduate diploma in Financial Management and MBA from Abubakar Tafawa Balewa University, Bauchi. He started his 12-year sojourn in journalism at the Nigerian Tribune in 1993 as Business and Economy reporter. He rose through the ranks to become the Group Business Editor of the nation’s oldest surviving private national newspaper, the Nigerian Tribune. He set up World Street Journal magazine in 2018.

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