According to data sourced from the Central Bank of Nigeria (CBN), it gained 36 kobo from August 19, 2015 to close at 0.6888 CFA/N1 on the CBN rate last week. Further analysis shows that the naira, unlike the past five years, held firmer against the now-aggressive CFA in the first half of the decade reviewed. The naira closed at approximately 29 kobo for one CFA on August 21, 2010. Between August 2015 and August 2016, the naira lost about 69 percent against CFA year-on-year. ALSO last week, the CBN sold the pound above N500, as naira continues to battle major headwinds.

Source: The Guardian August 24, 2020 04:30 UTC