The naira had earlier depreciated by N30 against the dollar, as the parallel market exchange rate rose sharply to N500 per dollar on Monday, November 30th from N470 per dollar on Friday, November 20th 2020.
This trend continued this morning, howbeit on a larger scale, as the parallel market exchange rate further dropped to N470 per dollar from N490 per dollar yesterday, translating to N20 appreciation for the dollar. Thus, the naira had reversed the N30 loss against the dollar since November 20th, 2020.
He said: “Certainly, those hoarding foreign exchange better sell now otherwise they will lick their wounds.”Commenting further on how the new rule will impact dollar supply and the activities in the BDC subsector, Gwadabe said: “The monopoly of is broken and the policy will induce liquidity in the BDC subsector.