The naira this morning reversed its two weeks loss to the dollar in the parallel market, appreciating by N20 to N470 per dollar.
But the new rules introduced by the Central Bank of Nigeria on Monday November 30th, which allowed beneficiaries of diaspora remittances and foreign exchange transfers into domiciliary account, to collect the proceed in foreign currency cash, halted the dwindling fortunes of the naira. 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.The sharp appreciation of the naira according to Aminu Gwadabe, President Association of Bureaux De Change Operators of Nigeria shows the effectiveness of the new CBN rule receipt of diaspora remittances.
Commeting 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.
but black market is hitting 530naira.. The niara is worst than tissue paper now.. move your money into Bitcoins or Dollars..
Adelowo71 Bounce back at 470 Una dey mad I swear.
I wonder what that cost the good longsuffering ppll of nigeria? lazy vanguard do the hard work of the numbers crunching not just empty headlines
Una no Dey shame