Naira stays low at N485 as Buhari swears in 6 INEC commissioners

The Naira on Wednesday, December 7, stayed unchanged at N485 against the dollar, N510 against Euro and N600 against British pound in the black market.

At the official side of the market, the Naira remained at 315 per dollar, while the pound went for N401.

READ ALSO: Naira crashes to N470 against dollar at parallel market

However, Vice President Yemi Osinbajo, has revealed that federal government is working assiduously alongside the Central Bank of Nigeria to ensure that foreign exchange market is more flexible.

He said: “The government was working with the central bank to make the foreign exchange market more flexible and more reflective of actual demand and supply.”

Recall that the agents of the Department of State Services (DSS) on November 9 raided the offices of some Bureau De Change (BDC) operators in Lagos and arrested them for selling the US dollar above the stipulated exchange rate.

READ ALSO: Naira crashes to N480 as more BDC operators go into hiding

This year has seen the local currency depreciated the most in its 43-year history, opening at 197 in January at the official market and 265 at the parallel market.

Meanwhile, President Muhammadu Buhari has sworn in the newly-appointed commissioners of the Independent National Electoral Commission (INEC).

The swearing-in was conducted inside the Council chamber of the State House Presidential Villa, Abuja and was carried out just before the commencement of the meeting of the Federal Executive Council.

You can also check out NAIJ.com’s Bureau De Change ‘market’ here for the best rates on foreign exchange.