Nigerian Naira plunges in free float against US dollar
The naira plunged against the US dollar on Monday after Nigeria’s government scrapped its fixed exchange rate and allowed market forces to determine the currency’s value.
Nigeria
Central Bank Of Nigeria Announces New ‘Flexible’ Forex Regime
The value of the Nigerian currency was today devalued to the dollar as the Central Bank of Nigeria announced a flexible foreign exchange regime that would see the country abolishing the dual exchange rate regime. Under the new plan, the official exchange rate of the naira will exist in a "single flexible window," which will likely be determined by market forces. The announcement end months of speculation about the official value of the Nigerian currency.
Central Bank of Nigeria Grants Providus Bank Commercial Banking Licence
Providus Bank Plc has been granted a commercial banking licence with regional authorisation by the Central Bank of Nigeria (CBN). The central bank disclosed this in a circular posted on its website on Tuesday.
Nigeria inflation hits six-year high
Inflation in Nigeria rose to a more than six-year high in May, hitting 15.6 percent, the National Bureau of Statistics said on Tuesday.
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