Naira sees Gain Against Dollar, Pound Sterling At Parallel Market

abokiFX Halts Naira Exchange Rate Publication After Arrest Threat By FG

The Naira, on Thursday, recorded a 1.8 percent appreciation, closing trade at N493 to a dollar at the parallel market as foreign exchange supply to banks by the Central Bank of Nigeria (CBN) surged.

The Naira commenced trading at N502 to a dollar, appreciated to N485 during midday trading, afterward it ended the day at N493/$1, according to data on abokiFX.com.

The local currency which has been on a spiral, recovered some value against the pound sterling to end the day’s trading at N710 .

At the importer and exporter (I&E) window, it gained 0.13 percent to end at N411.50 to the dollar.

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The governor of the Central Bank of Nigeria, Godwin Emefiele, met with bank CEOs last week, and an agreement was reached for an increase in the amount of foreign exchange allocation to banks in order to meet legitimate needs.

Emefiele directed the banks to ensure that there is forex was provided and advised that the information be commuicated across on all the bank’s platforms.

Bank’s have so far been observing the directive of the apex bank in the past few days, by ensuring the availability of forex to eligible and legitimate customers.

About Author

Victor Okeh is a graduate of Economics from Lagos State University. He is versatile in reporting business and economy, politics and finance, and entrepreneurship articles. He can be reached via – [email protected]

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