FG fixes naira at 198/dollar in de facto devaluation

The Central Bank of Nigeria (CBN) is scrapping its bi-weekly currency auction and will sell dollars to banks at 198 naira, a market body said on Wednesday, unveiling a de facto devaluation of the currency of Africa’s biggest economy and top oil producer.

Read also: Safeguarding your pension rights

FMDQ, a group comprising Nigeria’s main commercial banks and the central bank, said commercial banks had also been banned from re-selling central bank dollars to other banks, another attempt to end speculation in the naira.