Nigerian Currency Recovers Versus US Dollar — Central Bank Says Importers Must Repatriate Forex Earnings

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After touching a new all-time low of N710 per dollar in late July, a new report says the Nigerian currency has rebounded by as much as 10%. After initially blaming speculators, the Central Bank of Nigeria has said importers who fail to remit forex earnings may be contributing to the naira’s depreciation. Naira Depreciation Less than two weeks after it tumbled to a new all-time low, the Nigerian currency recovered against the U.S. dollar on the parallel market and went to close trading at ...

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