Naira strengthens against the dollar

Date:

The Naira on Friday hedged up slightly against the dollar at the parallel market amid calls for the apex bank to relax its strict foreign exchange policy.

Thank you for reading this post, don't forget to subscribe!

NAN reports that the Naira appreciated by 0.4 per cent on Friday afternoon as it exchanged for N277 against the dollar from N278 it traded for previously.

However, the Naira closed at N197 to the dollar at the official interbank window.

Traders at the parallel market expressed concern that in spite of the resumption of forex auction to Bureaux de Change (BDCs) operators, the scarcity of the greenback was still exerting pressures on the Naira.

NAN reports that industry watchers had speculated that remitted funds during the yuletide season were capable of giving the Naira a better outing at the market.

The CBN had on Wednesday sold about 15.5 million dollars to about 1,650 BDCs, with the demand of the greenback doubling.

Meanwhile, the senate had on Thursday urged the CBN Governor, Mr Godwin Emefiele, to relax the strict forex policy, arguing that the policy “was doing more harm than good”.

This was also re-echoed by the Managing Director of the IMF, Ms Christine Lagarde, when she advised the apex bank to operate a flexible forex policy.

Share post:

Subscribe

Popular

More like this
Related

Soldiers Massacre: “Defense Headquarters Reveals Identities of Fallen heroes in Okuoma Community Attack”

The Defense Headquarters has revealed the identities of the...

US warned Niger about ties to Russia, Iran before junta revoked accord, Pentagon says

WASHINGTON, March 18 (Reuters) - U.S. officials traveled to...

“Potential Trump Presidency: Concerns Rise Over US-Africa Relations”

If Donald Trump secures victory in November's US presidential...

“Sanwo-Olu, Anyaoku, Adebanjo, and Others Call for New Nigerian Constitution”

SANWO-OLU, ANYAOKU, ADEBANJO, OTHERS DEMAND NEW NIGERIAN CONSTITUTION ...

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading