Nigeria’s CBN tweaks FX peg again, naira falls

The Central Bank of Nigeria adjusted its exchange rate peg on Tuesday to 196.95 naira against the dollar from the 196.90 set last week, data on the bank’s website showed.

The naira slid to 228 to the dollar on the parallel market, down 0.88 percent from the previous day, continuing a decline seen since the central bank introduced new foreign exchange rules on Wednesday to conserve dwindling reserves, traders said.

REUTERS