How Nigeria’s Naira Fared Against US Dollar (Mar 5)

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Naira To Appreciate As CBN Plans To Pump More Dollar Into Forex Market

The Nigerian Naira on Monday, March 5, started the week on a stable note in the Investors and Exporters (I&E) window and the parallel market.

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Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&E window known as Nigerian Autonomous Foreign Exchange (NAFEX) remained unchanged at N360.1.

Meanwhile, the volume of dollars traded in the I&E window dropped slightly to $133.19 yesterday, from $134.60 traded on Friday.

It was further gathered that the naira also remained stable at N362 Monday in the parallel market.

Nigerians Agonise Over Dirty, Shortage Of Smaller Naira Notes

In an attempt to quell currency scarcity and improve the circulation of N5, N10, N20, and N50 in the economy, the Central Bank of Nigeria (CBN) had last week commenced the disbursement of smaller naira notes to traders in the country.

“The notes we will be disbursing are mints. This money is not meant for you to keep in your house or to go and spray at weddings or sell.

“We have our operatives everywhere and whoever is caught selling these notes will be prosecuted.

“These notes are meant to be used for daily transactions so that when a customer comes to the market, you won’t tell him or her that you don’t have change,’’ the acting Director, Currency Operations Department, Mrs. Priscilia Eleje, said at a publicity campaign on “Disbursement of Lower Denominations of the Naira’’ in Wuse Market, Abuja last Tuesday.

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. If you ever find my article unduly insipid, sue me and i’ll refund you...

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