NAIRA CRASH: Nigerian currency 'hits six-month high' - BBC reports

23/Mar/2017   //    Viewers:1645    //    Likes:    //    Shares:    //    Comments:



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Nigeria's currency, the naira, reached its highest black market level against the dollar for six months earlier today, the Reuters news agency reports.

Traders were quoting a price of 430 naira to the dollar.

This comes as the central bank is trying to close the gap between the official rate, just over 300 naira to the dollar, and the black market rate.

Reuters says that last month one dollar could buy 520 naira on the black market.

In November 2014 Nigeria's central bank began to devalue the currency as the official rate was unsustainably high.










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