See what new CBN policy has done to the naira/dollar exchange rate

The new foreign exchange policy of the Central Bank of Nigeria (CBN) has already started taking its toll on the Nigerian currency, NAIJ.com can report.

On Wednesday, June 15, the CBN governor, Godwin Emefiele, announced that the naira had been floated, hence there shall be a single market for the acquisition of foreign exchange.

Naij.com’s exchange monitor rate.

And on Thursday, June 16, barely 24 hours after the announcement, the Nigerian currency dropped against its foreign counterpart and now sells for N370/dollar on the parallel market.

Our reliable bureau de change source informed that the new policy has had an adverse effect on the Nigerian currency already as new rates have emerged.

“Honestly, many of us saw this coming, especially with the trend that the currency had been following in recent weeks.

“With the new policy now, there are going to be fluctuations but we are sure that the CBN has done what it considers the best for the country,” the source informed.

Check out our foreign exchange market here for the opportunity to meet real buyers and sellers of forex.

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