• Naira loses 42% above fixed rate on its first day Of New Forex Policy … See official new rate

    Naira loses 42% above fixed rate on its first day Of New Forex Policy … See official new rate

    The naira practically fell off the cliff yesterday as it sold for N280 to one dollar after the Central Bank of Nigeria (CBN) removed the pegs that held the local currency in a fixed point to the dollar, losing 42.13 per cent of its value at the spot market.

    But on the forward market, the naira traded for N317 to the dollar. In spot markets, spot trades are made with spot prices. Unlike the futures market, orders made in the spot […]