Connect with us


Naira gains more strength, combats at the parallel market with N5 gain



Dollar exchange rate

Nigeria’s Naira on Wednesday, December 9, gained more strength against the United States’ Dollar at the parallel market can report that naira gained N5 at the session trading at N478/$1 compared with N483/$1 it was sold on Tuesday, December 8.

That is not the same story with the British Pound Sterling and the Euro as the local currency traded flat on Wednesday, December 9, at the black market at N620/£1 and N570/€1 respectively.

Suffice to as well state that forex turnover dipped by 22.9% and naira’s exchange rate at the NAFEX window appreciated marginally against the dollar to close at N394.67/$1 during intra-day trading on Wednesday, December 9.

This digit represents a 33 kobo gain when compared with the N395/$1 that it exchanged for on Tuesday, December 8.

The opening indicative rate was N391.49 to a dollar on Wednesday and this as well represents a N1.01 gain when compared to the N392.50 that was recorded on Tuesday.

The truth must be told that the Central Bank of Nigeria (CBN) enacted a lot of policies on forex market in recent times.

One of the policies stated that beneficiaries of remittances can now receive their transfers in dollars or opt to have the funds paid directly into their domiciliary accounts.

Some commercial banks like Ecoank positively reacted to it by urging Nigerians to open the domiciliary account or reactivate their inactive ones with the bank in order to take advantage of the policy.

The CBN Governor, Godwin Emefiele had said the apex bank is targeting about $2 billion inflow monthly from diaspora remittances as he accused some international money transfer operators of trying to resist its new policy.

ALSO READ  NairaWatch: Monday’s parallel market exchange rate – ₦477/$1




Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Advertisement Enter ad code here