Naira strengthens further at the parallel market

At the parallel market on Monday, the naira appreciated against the dollar. The naira closed at N512 against the greenback against N515 which it closed on Friday.

This is coming as deposit money banks set up foreign exchange teller points for customers in line with the directive from the Central Bank of Nigeria, CBN.

However, at the Investors and Exporters’ window, the naira fell by 0.02 per cent to 411.50/$1 with a forex turnover of $121.08m, according to FMDQ Group.

Last week, following the ban on sale of foreign exchange to Bureau de Change by the CBN, the local currency had crashed to an all-time high of 525 against the dollar at the parallel market

The CBN Governor, Mr Godwin Emefiele, had on Tuesday, at the end of the Monetary Policy Committee meeting, said the CBN would channel a significant portion of its weekly allocation currently meant for BDCs to commercial banks to meet legitimate forex demand for ordinary Nigerians and businesses.

Commercial banks in the country in compliance with the new forex directive by the CBN, have set up dedicated teller points for forex transactions in their branches.

Officials at the banks visited by the News Agency of Nigeria, said that a dollar was being sold for N412.

They also disclosed that each traveller was entitled to buy $4,000 per quarter for personal travels and $5,000 per quarter for business travels.

Author: abokimallamfx