CBN's Godwin Emefiele had recently advised businesses and individuals to stop patronizing operators in the parallel market because they heating up the foreign exchange market.
The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has warned firms and individuals against patronizing the parallel market, popularly called the black market.
Naira weakened today at the black market as dollar trading at N454 to $1 as demand increased from foreign investors and businesses with dollar payment
These follow recent pronouncement by the CBN that it is ready to provide forex for investors who wish to repatriate funds from the country
Manufacturers have confirmed dollar scarcity is real and no one knows when this will end.
The Naira has appreciated to N386.94 against the US dollar at the Investor and Exporters (I&E) window.
Nigeria’s 5 years onshore Non-Deliverable forward contract posted its biggest drop by plunging 27% from N413.36 to close at N569.69.
As Nairametrics previously reported, the apex bank informed Nigerians that it will resume the provision of Forex to all commercial banks in Nigeria for onward sales...
As the country’s external reserve faces more pressure, foreign investors have been held down in Nigeria’s debt market.
The downward slide of the naira in the parallel market appears to be continuing unabated as the slump in crude oil prices