Tag
PARALLEL MARKET
News and stories about parallel market
The exchange rate at the I&E window is different from the CBN’s published exchange rate.
The naira was strengthened on Wednesday as it appreciated to N386.94 to a dollar at the Investors and Exporters (I&E) window, after the day’s trading session
The naira made a rebound in the foreign exchange market as it gained against the dollar at the parallel market.
The naira was weakened on the first working day of the week as it depreciated to N387.33 to a dollar at the Investors and Exporters (I&E)
The continuous rally of the local currency against the dollar can be attributed to the improved liquidity in the foreign exchange market due to the intervention of the Central Bank of Nigeria (CBN), as well as the decline in the activities of currency speculators.
Naira appreciated to N453 to a dollar on Thursday, May 28, 2020, which represents a N2 gain when compared to the N455 to a dollar that it exchanged at the end of Wednesday trading.
Naira appreciated to N455 to a dollar on Wednesday, the first working day of the week after the 2-day sallah break.
Rates in the parallel market will remain under pressure and we might see it above the N460 /$ levels it is currently trading at.
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 against the dollar this represents about 1.1% depreciation when compared to N455 to a dollar that it sold the previous day.
Information obtained from Abokifx shows that the local currency depreciated to N437 to a dollar on Wednesday, May 6, 2020, as against the N430 to a dollar, it sold the previous day.
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 to SMEs and Nigerian students in foreign schools.