News Formal

Steady Naira Exchange Rate Indicates Easing Pressure in Forex Market

  • 📰 TheNationNews
  • ⏱ Reading Time:
  • 39 sec. here
  • 13 min. at publisher
  • 📊 Quality Score:
  • News: 57%
  • Publisher: 69%

Finance News

Naira,Exchange Rate,Dollar

The naira exchange rate against the dollar has remained steady at N1,200 for the past 24 hours, signaling a decrease in pressure in the forex market. The Central Bank of Nigeria's recent measures, including dollar sales to bureau de change operators and the directive for electronic payout of PTA/BTA, have contributed to the local currency's rapid recovery.

The naira exchange rate against the dollar was steady at N1,200 to dollar for the past 24 hours at the parallel market.

The CBN recently directed that all authorized dealers to pay Personal and Business Travel, allowances to their customers through electronic channels only, including debit or credit cards instead of cash.“In line with the Bank’s commitment to ensure transparency and stability in the foreign exchange market and avoid foreign exchange malpractices, All Authorized Dealer Banks shall henceforth effect payout of PTA/BTA through electronic channels only, including debit or credit cards.

Former Executive Director, Keystone Bank Limited, Richard Obire advised that Nigeria’s heavy and skewed outward-oriented consumption of goods and services as seen in decades of long substantial bills for food and energy imports should be reversed to save the naira.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US Dollar to Nigerian Naira Black Market Exchange RateThe US Dollar to Nigerian Naira exchange rate in the Nigerian black market had an average of ₦1,315.817.00 today, 31/03/2024. This page converts USD to NGN using live currency rates.
Source: TODAY - 🏆 12. / 53 Read more »

Dollar to Naira Black Market Exchange Rate (April 9, 2024)CBN's new policy impacts the Dollar to Naira exchange rate, with black market values dipping below official rates. Stay updated on this surprising currency shift.
Source: TODAY - 🏆 12. / 53 Read more »

NGX Group commences strategic investment in Ethiopian Securities ExchangeNigerian Exchange Group, NGX Plc has announced a significant investment in the Ethiopian Securities Exchange (ESX).
Source: vanguardngrnews - 🏆 5. / 75 Read more »

Naira appreciates to N1,360 against dollars at forex marketThe naira's appreciation against the US dollar continued on Monday, exchanging N1,360 and N1,408.04 per USD at both parallel and official foreign exchange markets. A Bureau De Change Operator at Wuse Zone 4 Abuja, Mistila Dayyabu, told DAILY POST that naira was sold at N1,360 per USD on Monday. 'The naira has gained significantly.
Source: DailyPostNGR - 🏆 11. / 59 Read more »