In an election year, the Central Bank of Nigeria is doing all it can to defend the nation’s currency and shore up its external reserves. It is becoming a herculean task. The naira is depreciating at the bureaux de change, parallel market and the official market. It now exchanges for N168 per dollar at the bureaux de change, N155.3 per dollar at the CBN, and N170 at the black market. But the nation’s foreign reserves have risen by 5%. Already, the CBN has cut currency traffickers to size. On the expiration of its deadline for bureaux de change operators to increase their capital base by July 31, the number of these operators reduced to 2, 442 from almost 5, 000. This would mean less pressure on the foreign exchange demand.

A technocrat is at work at the apex bank. New CBN governor G. I. Emefiele has shown that he has little interest in politics.

Below are the official exchange rates of the Naira in relation to other currencies as of August 15, 2014:

 

Currency Buying (NGN) Central(NGN) Selling(NGN)
US DOLLAR 154.73 155.23 155.73
POUNDS STERLING 258.2753 259.1099 259.9445
EURO 207.168 207.8374 208.5069
SWISS FRANC 170.9913 171.5438 172.0964
YEN 1.5078 1.5127 1.5175
CFA 0.2962 0.3062 0.3162
WAUA 235.7624 236.5242 237.2861
YUAN/RENMINBI 25.1687 25.2505 25.3322
RIYAL 41.2547 41.388 41.5214
DANISH KRONA 27.7862 27.8759 27.9657
SDR 236.5976 237.3622 238.1267

 

 

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here