Naira strengthens against dollar at parallel market

The naira has strengthened at the parallel market to N448 against the dollar after the Central Bank of Nigeria (CBN) announced that it would resume dollar sales to bureau de change operators.

Before the announcement, the naira had been trading as low as N480 against the dollar.

Upon resumption, the apex bank said BDCs must not exchange the naira at more than N386/$ to end-users.

The CBN said its decision to resume FX sales to BDCs is to enhance accessibility to forex “particularly to travellers” since the resumption date for international flights has been announced.

 

 

About Don Saint

PR Guru / Author / Promoter / Controversial Writer / Hip Hop Artiste / Actor / Human Rights Activist. The First Nigerian Hip Hop Artiste to obtain a Masters Degree (M.A) in Arts ( Religion & Human Relations). The author of one of the most controversial books in Nigeria; "Emancipation from Masturbation". With over 12 Movies and 3 Musical albums since 2003. Former Events Manager at Silverbird’s Rhythm Fm Awka Station till 2010. For more info. Call : 08033239298.

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