The Naira dipped by 0.08 percent to close on Wednesday, September 21, at N310.08 to the Dollar compared to a 0.84 percent decline recorded on Tuesday, when N309.83 was exchanged for one $US, at the spot FX market.
The Central Bank of Nigeria, CBN also reports that the Interbank Rate in Nigeria has averaged 14.03 percent from 2007 until 2016, reaching an all-time high of 38.96 percent in September of 2013 and a record low of 2.42 percent in March of 2016.
Nigeria Three Month Interbank Rate (Nibor) was quoted at 17.75 percent on Tuesday September 20. The interbank rate is the rate of interest charged on short-term loans made between banks in the local currency.
The local currency also depreciated to N428/$US at the parallel market from N424 it sold for yesterday, it remained stable to the Pound Sterling and Euro to sell at N555 and N470 for the third consecutive day.
