Naira increases from 199 to 285 at inter bank rates

The Nigerian Currency, Naira has crashed to N285 to a dollar at the interbank market following the new flexible exchange rate policy to be introduced by CBN

Nigerian Customs reacts to reports that it will begin to use the rate of N285 to the dollar for the calculation of duty on all imports from Wednesday June 1, 2016

President Muhammadu Buhari gives the CBN the go-ahead to introduce flexibility in the naira exchange rate

Despite the Central Bank of Nigeria yet to roll out the details of the new flexible exchange rate policy, which is a monetary system that allows the exchange rate to be determined by supply and demand, the nation’s currency naira has switched to N285 to a dollar at the interbank market, The Guardian reports.

The policy, which throws naira into open market, paves way for one to walk into the bank and ask to buy forex at the market rate, hence, putting pressure on black market and Bureau de Change operators.
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