Devaluation: Naira hits N186 in black market - The exchange rate for the dollar in Abuja black market on Wednesday stood at between N182 and N186, an investigation has shown. This is against the new official exchange rate N168 announced on Tuesday by the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele. A check near the Sheraton Hotel, Zone 4, Abuja, the rendezvous for most black market operators, found that the closest naira exchange to the official exchange rate was N182. Some of the operators said that the difference between their rate and the official rate was to accommodate the extra charges they pay to dealers they get the hard currency from. A black market operator, Alhaji Usman Gongola, said that he sold one dollar at N186 and bought one dollar for N183. Another operator, Alhaji Bello Abdullahi, said he sold at N184 and bought one dollar for N182. FG to sell N129 bn in T-bills - The Central Bank of Nigeria (CBN) said, on Wednesday, that it plans to sell 129.17 billion naira ($730 mln) in treasury bills with maturities ranging from three months to one year at an auction on December 3. The bank said it will sell 27.85 billion naira in the 3-month treasury bills; 30 billion naira in the 6-month paper and 71.32 billion in the 1-year debt note, using the Dutch auction system. The regulator increased benchmark interest rate to 13% from 12% on Tuesday; this triggered an increase in yields across the secondary market on Wednesday.
Posted on: Thu, 27 Nov 2014 09:15:25 +0000
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