Naira Gains As CBN Clearing Rate Weakens Against Dollar

The nation’s currency, the naira, on Tuesday, strengthened against the US dollar by N0.96k or 0.48 percent at the inter-bank foreign exchange market after the Central Bank of Nigeria (CBN) again adjusted its clearing rate to N196.60k.

With the adjustment on Tuesday, the clearing rate weakened against the greenback by N6.90k or 3.63 percent depreciation.

Consequently, after trading on Tuesday, the local currency closed at N197.33k/$ as against N198.29k/$ the previous day, data from Financial Markets Dealers Quotations (FMDQ) indicated.

The clearing rate, which is the official exchange rate, was on Monday adjusted by the CBN to N190.00k/$, while naira gained over the US dollar by N0.55k or 0.28 percent at the inter-bank foreign exchange market.