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Home Business News

Naira appreciates to N450/$ in parallel market, as CBN intervenes

Chike Olisah by Chike Olisah
April 30, 2020
in Business News
Parallel market: Naira retains value against US Dollar at $1/N375
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The naira was today strengthened in the parallel market as it appreciated against the dollar.

According to information from Aboki fx, the naira appreciated by N10, exchanging for N450 to a dollar against the N460 to a dollar, that it was sold for yesterday. The naira also appreciated against the pounds sterling, exchanging for N510 to one pounds sterling as against the N525 to one-pound sterling that it traded for the previous day.

The positive performance of the naira against other currencies could be attributed to the intervention of the Central Bank of Nigeria (CBN), in the foreign exchange market, which had been hit by liquidity crisis since last month.

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The CBN, in a circular yesterday, said it was resuming the periodic sales of dollars to dealers for SMEs and students in foreign universities who need the foreign exchange for essential imports and payment of school fees respectively.

The injection of $100 million into the foreign exchange market is expected to help improve the liquidity situation in the foreign exchange.

It was reported earlier today, that the naira hit N388.94 to a dollar at the spot market which is mostly used by exporters and foreign investors.

With the partial relaxation of restrictions and lockdown, the pressure on the foreign exchange is expected to increase as businesses do open and engage in more activities.

 


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Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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Comments 3

  1. Jane says:
    May 1, 2020 at 7:44 am

    Abolish fx has always been the place I check for foreign currency changes. Now that you mentioned it, I it looks like a good place to me. However, the only way to control the foreign currency is to diversify. Now look at what over relying on fuel has caused us. Time shall come when fuel would not be as useful as it it today and then this country would be in a big mess.

    Reply
  2. Jay says:
    May 1, 2020 at 4:29 pm

    Where can one chart the usd against ngn..

    Reply
  3. Anonymous says:
    May 15, 2020 at 7:21 am

    Hw much is dollar

    Reply

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