Wednesday, April 5, 2017

Naira Bounces Back, Appreciates Against Dollar at Parallel Market

The Nigerian Naira on Tuesday appreciated against the dollar at the parallel market.

The currency exchanged for N390 per dollar as against N395 it went for a greenback on Monday.

The currency closed steady against the Pound sterling and Euro at 480, 415 respectively at the black market side on Tuesday.

At the official market, the currency appreciated by 0.02% against the dollar to close at 306.25.

This development follows the recent injection of over $200m into the forex bank by the Central Bank of Nigeria.

Furthermore, the CBN added on Tuesday that it will offer dollar forwards to be delivered within two months to offset a backlog of matured foreign exchange obligations to manufacturers, airlines, fuel importers and agriculture businesses.

"Authorised dealers' accounts with the central bank will be debited in full for the naira equivalent of the dollar bid amount on a spot basis," the bank said in a notice to commercial lenders.

"The central bank will settle the bids through forward settlements of two months," added the bank, but did not specify the amount of dollars to be sold.

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