The Naira traded in the interbank foreign exchange market at N314.50 per dollar far above the Central Bank of Nigeria exchange rate. The interbank foreign exchange market saw transactions worth $1.34 million at a rate of N314.50 per dollar, as banks traded the local currency at below the central bank rate.
The central bank has used a rate of around N306 to supply dollars to banks since it introduced a multiple exchange rate system in February.
In, April the CBN allowed foreign investors to trade the Naira at a market-determined rate, which has depreciated to around N360. It was quoted at around 363 per dollar at retail exchange bureaus on Wednesday.
