It strengthened further against the greenback on Tuesday, May 24, before crashing on Wednesday, May 25 to N342/$1 and N345/$1 subsequently on Thursday, Friday. It started the new week at N347/$1 and has remained the same. Meanwhile, the CBN is ready to roll out details of the new flexible exchange rate policy, which is a monetary system that allows the exchange rate to be determined by supply and demand; the nation’s currency naira is still pegged at the official exchange rate regime of N197/dollar, despite the currency switching to N285 to a dollar at the interbank market. However, the implication of the flexible exchange rate policy is that with a high demand for the dollar in Nigeria, there is every likelihood that the naira will experience a further decline in the coming months. You can check out NAIJ.com’s bureau de change ‘market’ here for the best rates on foreign exchange.

sources - Skyevibes.com