Thursday, April 13, 2017

Naira Set to Appreciate Massively Against Dollar at Parallel Market

The Nigerian naira is expected to massively appreciate against the dollar at the black market starting from next week.

This is due to proposed increased sale of dollar to bureau de change operators starting from next week by the Central Bank of Nigeria, CBN.

The CBN said it will raise dollar sales to bureaux de change to $40,000 from the present $20,000, which will improve liquidity and help support the local currency.

The Naira at the moment exchanges at 410 to the dollar on the black market, compared with 398 to the dollar last week.

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