CBN Targets N200 Per dollar At Parallel Market

The Central Bank of Nigeria, CBN, is aiming at getting the naira to N200 per dollar exchange at the parallel market.

The naira, which traded at N330 to dollar in the parallel market on Friday, is expected to surge speedily, as the impact of the CBN’s measures to stabilize the currency volatility in the parallel market begin to materialize.

President, Association of Bureau De Change Operators of Nigeria, ABCON, said the N330 rate in the parallel market is an improvement from last week’s rate when the naira exchanged for N391 to dollar.

According to a top source in the apex Bank: “The aim of CBN is to ensure that the divergence between the official and parallel rate does not exceed N3, so we are looking at a parallel market rate of N200/$ because the downward trend in the pressure on the naira will be sustained.”

“The CBN has the capacity to sustain the downward pressure and will deploy further currency management initiatives, while capitalising on fiscal policies of the federal government to remain in support of non-devaluation of the Naira. The current stand of the federal government on Nigeria’s legal tender is Non-Devaluation.”

“It will be unwise for anybody to be hoarding dollars because we can assure you that naira appreciation is going to trend upwards going forward.”