Naira Extends Gains Against Dollar On Parallel Market, Trades At ₦480/$ From ₦525/$

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Naira, Dollar, Parallel Market

The naira extended its four-day winning streak against the United States dollar on the parallel market on Thursday to close at N480/$, stronger than the N525 to the greenback on Monday.

CBN Succumbs To Pressure, Announces New Foreign Exchange Policy

The significant appreciation of the local currency was triggered by the new foreign exchange policy actions introduced by the Central Bank of Nigeria (CBN), which has forced more currency speculators to sell off the greenback as sell rates fell as low as N460/$.

Panic As Naira Crashes To ₦520 Per Dollar At Parallel Market

The buy rate of the dollar also strengthened yesterday to close N470/$, as against the N490/$1 at which it closed on Wednesday.

The Naira Is Dead: Lets Redenominate The Currency Before Its Too Late

As a result of this, the naira has appreciated by N39 since Monday when the new FX actions were announced by the regulator.

This Day gathered that as part of efforts to sustain dollar liquidity in the market and bridge the gap between the interbank FX and parallel markets, the apex bank auctioned another $230 million through forward contracts on the interbank FX market yesterday.

It was gathered that the CBN also auctioned $370 million on Tuesday and sold $1.5 million on the spot market.

Datboyjerry

Datboyjerry

I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism.

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