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Tuesday, March 28, 2023

Naira Rebounds to N470 per Dollar in Parallel Market

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The Nigerian naira has strengthened by 6 percent to N470 per dollar in the parallel market since Monday, according to abokifx.com, while the spot rate weakened 0.6 percent to N391.90.

The gap between Nigeria’s official exchange rate and the black-market level narrowed to the least in three weeks after the central bank introduced a measure to increase the supply of dollars to licensed money changers.

The Central Bank of Nigeria (CBN) had directed banks to pay dollars to the beneficiaries of remittances from abroad via international money-transfer operators to boost supply of the U.S. currency. Recipients were paid the naira equivalent previously.

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