Naira appreciates at parallel market

The naira, on Thursday, appreciated by 1.8 percent to N493 to a dollar at the parallel market as the Central Bank of Nigeria (CBN) increased forex supplies to banks.

The local currency, which opened at N502 per dollar, gained N17 to N485 during midday trading before closing at N493/$1, according to data on abokiFX.com, a website that collates parallel rates in Lagos.

It also appreciated against the pound sterling to close at N710 and N600, gaining N3 and N6, respectively, on the street.

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

Last week, Godwin Emefiele, CBN governor, met with bank CEOs and agreed to increase the amount of foreign exchange allocated to banks to meet legitimate needs.

Emefiele cautioned them to ensure that there is available forex and pass the information on all their platforms.

In the last few days, banks have complied with the directive over the availability of forex to eligible and legitimate customers.

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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