The Naira lost 0.01 percent at the spot FX market on Friday, October 7, to close at N306.75 to one US dollar compared to a leap of 1.14 percent recorded on Thursday, October 6, when the dollar was exchanged for N306.71.
At the parallel market, the Naira retained rates of N470/US$ for the sixth consecutive day, and firmed up to the Euro, as it was bought at N500 in contrast to N510 it was purchased for on Thursday. The Naira/Pound rate also remained static at N590 to one Pound Sterling.
Meanwhile reports from the Central Bank of Nigeria, CBN, show that Lending Rate in Nigeria increased to 17.18 percent in August from 17.14 percent in July of 2016.
Lending Rate in Nigeria averaged 13.98 percent from 1961 until 2016, reaching an all time high of 37.80 percent in September of 1993 and a record low of 6 percent in April of 1975.
