From January 31, 2021, the CBN will bar exporters who fail to repatriate export proceeds from accessing banking services.
The exchange rate at NAFEX trades at N415/$1 during Intra-day trading NAFEX as forex turnover rises by 233% rise
The exchange rate between the naira and the dollar appreciated marginally closing at N393.35/$1.
The US dollar closed at ₦470/US$1 in the parallel market
The exchange rate appreciated on Monday as external reserves cross $36.3 billion
Pressure on FX will continue in 2021 as a result of thin reserve buffers and recovering domestic demands.
The Naira remained stable against the dollar at the Investors and Exporters (I&E) window on Friday, closing at N394.67/$1.
According to a recent report, the exchange rates at the parallel market and the I&E FX window are expected to converge in 2021.