Cbn news on dollar black market november 14

Here are the top stories from CBN News on the dollar black market for November 14:

Dollar Black Market: Naira Plunges to Record Low as Demand Surges

The naira has hit a record low on the black market, trading at N560 to the US dollar, as demand for the currency surges ahead of the Christmas season. The official exchange rate remains at N305 to the dollar, but the black market rate has been rising steadily due to a shortage of dollars in the market.

CBN Intervenes in Forex Market, Injects $210m

The Central Bank of Nigeria (CBN) has intervened in the foreign exchange market, injecting $210 million to stabilize the naira. The bank said the intervention was aimed at addressing the shortage of dollars in the market and maintaining stability in the exchange rate.

Black Market Operators Defy CBN, Continue to Trade at N560

Despite the CBN's intervention, black market operators have continued to trade at N560 to the dollar, defying the bank's efforts to stabilize the exchange rate. The operators say they are not affected by the CBN's intervention, as they are able to source dollars from other sources.

Economists Warn of Inflationary Pressure

Economists have warned that the rising demand for dollars on the black market could lead to inflationary pressure in the economy. They say that the shortage of dollars in the market is likely to lead to a rise in prices of goods and services, which could have negative implications for the economy.

CBN to Review Forex Policy

The CBN has announced plans to review its forex policy, which could lead to changes in the way dollars are allocated to importers and other users. The review is aimed at addressing the shortage of dollars in the market and maintaining stability in the exchange rate.

These are the top stories from CBN News on the dollar black market for November 14.