Naira Strengthens Against Dollar At Parallel Market, Appreciates To N260/$1

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The Naira on Monday, December 28, fared well to about N260 to a dollar on the parallel market, compared with about N266 to a dollar it was before last week’s public holidays.

READ ALSO: Forex Crisis: Nigerian Banks Prevent Use Of Naira Cards Abroad

It was learnt that majority of the parallel market traders at the Murtala Mohammed International Airport and other areas around Ikeja attributed this to an increase in supply of the greenback from autonomous market sources, especially from Nigerians abroad who visited the country for the Christmas break.

The naira had depreciated to about N280 to the dollar about three weeks ago as a result of dollar scarcity that hit the market.

READ ALSO: Forex Crisis: CBN Speaks On Why It Cannot Reverse ATM Card Ban Abroad

The interbank official forex market which was shut down for the yuletide is expected to be re-opened on January 4, 2016.



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