Naira gains against dollar as CBN adjusts clearing rate to N196.90k

The nation’s currency, the naira, yesterday, gained over the US dollar by N0.36k or 0.18 percent at the inter-bank market after the Central Bank of Nigeria (CBN) adjusted the clearing rate to N196.90k.

The official exchange rate of the apex bank was adjusted from N196.95k last week to N196.90k this week.

Consequently, after trading on Thursday the local currency closed at N198.42k/ compared with N198.78 the previous day, data from Financial Markets Dealers Quotations (FMDQ) indicated.

On Wednesday, naira weakened 0.6 percent against the USD in the inter-bank and -7.7 percent Year-To-Date on June 10, 2015.

While the inter-bank foreign exchange market is somehow stable, naira short-term outlook is weak due to impact arising from sustained low oil prices, low level of FX reserves and large level of unmet USD demand, according to Ecobank report.

Naira foreign exchange indicator as revealed by Standard Chartered-MNI Business Sentiment Indica- tor (BSI) falls to a series low in May 2015.