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Naira maintains N366 rate against Dollar at parallel market

Naira maintains N366 rate against Dollar at parallel market

- The local currency maintains the same rate against Dollar at parallel market

- The local currency, however, appreciated against Pound and Euro

- The Naira closed at N366 to a Dollar, N428 to Euro while the Pound traded at N498

The Nigerian Naira on Monday, May 28, retained its depreciated rate at the parallel market against Dollar.

According to findings, the local currency maintained the same rates of N366 against Dollar as it was Friday, May 25, but appreciated against the Pound to N498 and N428 to Euro.

Meanwhile, the Central Bank of Nigeria (CBN) has made it mandatory for all the Bureau de Change (BDCs) operating in Nigeria to access Foreign Exchange from it thrice a week.

Naira maintains strength against Dollar at parallel market

Naira maintains rate against Dollar

A statement from the CBN acting Director, Corporate Communications, Isaac Okorafor, on Sunday, May 27, indicated that the new directive would allow eligible travellers more access to foreign exchange and allow more liquidity to the market.

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“All BDCs shall henceforth access forex from the CBN on Mondays, Wednesdays and Fridays.

”It is compulsory that all BDCs access forex at least three times weekly.

”Any BDC that fails to access the forex window at least three times weekly shall have its licence reviewed by the CBN,” Okorafor said.

According to Okorafor, the CBN has also authorised all commercial banks to buy and sell foreign exchange to travellers whether they operate an account in the said bank or not.

He said that the banks were mandated to do this once a customer or non-customer presents relevant, valid travel documents such as visa and travel ticket.

Can 1 Naira ever become 1 US dollar again on the Forex market? - on TV.

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