The Nigerian Naira has made a
huge gain at the parallel market as it now trades at N460 per United
States dollar on Friday, February 24.
The Naira gained 40 points to
trade at N460 from the N500/dollar rate on Thursday, February 23.
The Naira's strength over the dollar can be attributed to the Central Bank of Nigeria (CBN)'s adjustments to its forex policy.
The new policy is aimed at
boosting forex supply to enable commercial banks meet the needs of
customers seeking dollar, to pay school fees and medical bills overseas,
as well as personal travel allowances.
The
CBN will next week begin the weekly sale of $1m to each of the
country’s 21 commercial banks at N375/dollar to clear a backlog of
demand for retail users, and to try and narrow the premium between the
official and black market rates.
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