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Naira Gains Further on Parallel Market

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Obinna Chima The naira extended its gains on the parallel market yesterday as it closed at N508 to a dollar, stronger than the N512 to a dollar it ended the previous day. This represents an appreci…

The naira extended its gains on the parallel market yesterday as it closed at N508 to a dollar, stronger than the N512 to a dollar it ended the previous day.

Market watchers attributed the development to increase forex supply in the system as well as measures to address arbitrage in the market. The bank’s Acting Director in charge of Corporate Communications, Osita Nwanisobi, dismissed insinuations in some quarters that the central bank planned to convert FX in the domiciliary accounts of customers into naira in order to check purported shortage of availability of the dollars.

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