Eco Bank Invest $64M Into Its Unit In Nigeria

Africa’s Ecobank has injected $64 million into its Nigerian unit after its decision to adopt a different exchange rate for the naira to the one supported by the central bank affected its capital ratio, it said on Monday.

Ecobank said its board decided in November to adopt a market exchange rate of 364 naira to the dollar, a move away from Nigeria’s official exchange rate of 306 naira.

The weaker rate is more commonly used in trading and has more liquidity than the official exchange rate.

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