HomeBUSINESSNaira Rises against pounds and cedis, as Nigeria adopts a new flexible exchange-rate policy forofficial transactions.

Naira Rises against pounds and cedis, as Nigeria adopts a new flexible exchange-rate policy forofficial transactions.

Naira on Wednesday rose against the pounds, Cedes, and Chinese Yuan at the Investors and Exporters window as the Federal Government said it has adopted a rate for the Investors and Exporters window for its official transactions.

According to the data posted on the CBN site, the Pound closed at Five Hundred and Twenty-Three Naira Sixty-Eight Kobo on Wednesday, a Two Naira Fifty-Eight Kobo rise from Five Hundred and Twenty-Six Naira Twenty-Six Kobo, the rate it stood on Tuesday.

Similarly, Ghana Cedes closed at Sixty-Nine Naira Ninety Kobo from Sixty-Six Naira Thirty-Two Kobo, a Forty-Two Kobo or Zero Point Six-Three percent rise.

Chinese Yuan also closed at Fifty-Eight Naira Twenty –Four Kobo from Fifty-Eight Naira Twenty-Seven Kobo traded on Tuesday

This occurred as Nigeria adopted a new flexible exchange-rate policy for official transactions, a move that effectively marks fluctuation of the local unit over time.

Naira also rose against United Arab Emirate Dirham and Saudi riyal. It closed at One Hundred and Three Naira Eighty –Seventy-Four Kobo for Dirham and One Hundred and One Naira, Sixty-Six Kobo.  This was a rise from One Hundred and Three Naira Eighty Kobo and One Hundred and One Naira Sixty-Six Kobo for Riyal.

The government will start to use the flexible rate, which has until now applied to investors and exporters, for government transactions too. This was disclosed by Zainab Ahmed, Finance Minister, on Monday 29th of March in Abuja.

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