Naira appreciates to N516 per dollar in black market

February 22, 2017

Naira gained four points to be exchanged at N516 from the N520/dollar rate on Monday, February 20.

The currency also appreciated to N630 against the Pound sterling from N635 and N540 from N545 against the Euro.

On Tuesday, February 21, the apex bank said it would sell dollars through wholesale bids to banks, as opposed to selling to individual customers.

The banks can then allocate the dollars to their customers, the central bank said in mail to commercial banks, asking them to maintain the bid spread of 0.50 naira.

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