Wads of naira and dollar notes (File photo)
Here is current update on todays exchange rateas the naira has recorded a tremendous recovery against the United
States dollar on the parallel market on Thursday, three days after the
Central Bank of Nigeria adjusted its foreign exchange policy.
Base on report the naira had exchanged N520 to a dollar on Monday leaving many
people in the business world seriously shocked. However, it was a
different story on Thursday as the naira jumped from N505/dollar
recorded on Wednesday to N495/dollar on Thursday, as the new policy
measure continued to reverberate across the forex market.
The CBN had on Monday made adjustments to its forex policy aimed at
boosting forex supply to enable commercial banks to meet the needs of
customers seeking dollar to pay school fees and medical bills overseas,
as well as personal travel allowances.
The CBN will next week begin the weekly sale of $1m to each of the
country’s 21 commercial banks at N375/dollar to clear a backlog of
demand for retail users and to try and narrow the premium between the
official and black market rates.
The decision was announced hours after the naira tumbled to
520/dollar on the parallel market on Monday as scarcity of the greenback
continued to weigh on the exchange rates.
The naira has, however, been recording gains since Tuesday, a day after the new measures were announced.
The local currency rose from N520/dollar on Monday to N512/dollar
on Tuesday; and N505/dollar on Wednesday, as the CBN continued to
increase dollar supply at the official market.
On Thursday, the Bureau De Change operators bought the greenback
for N490 and sold it for N495 in Lagos, Abuja, Kano and Port Harcourt.
The CBN had on Tuesday carried out a wholesale intervention in the
interbank foreign exchange market with the release of $370.8m to 23
banks.
The Acting Director, Corporate Communications, CBN, Isaac Okorafor,
said the move was sequel to the apex bank’s promise to ease the
difficulties being encountered by Nigerians in obtaining funds for
foreign exchange transactions.
He stated that while seven banks received full allotments of their
respective bids ranging from $315 to $360 valued at $37.5m each, other
received allotments ranging from $46,512.50 to $15,578,081.51.
Okorafor said the CBN’s intermediation in the forex market was the
first wholesale intervention aimed at easing the pressure of access to
forex on Nigerians who intended to meet obligations that fell under
visible and invisible needs categories.
He further explained that the CBN offered $500m for sale to the
banks, but not all of them provided enough naira backing to pay fully
for their respective bid amounts.
No comments :
Post a Comment
Disclaimer: All the comments on this blog are the personal opinions of those who have comment it (commentators)
--------------------------------------------------------------------------------------------
Advertise with us: TEL: +2348063141927 E-mail: enyinnayaemma@gmail.com
-------------------------------------------------------------------------------------
Send us your Articles, Stories, News update, jokes..Tip-off
To enyinnayaemma@gmail.com
-------------------------------------------------------------------------------------
PLEASE DO VISIT OUR ONLINE PREMIUM NEWSPAPER SITE via www.mynationnews.com
---------------------------------------------------------------------------
READ EDUCATION NEWS via
www.nigerianedu.com
-----------------------------------------------------------------------------
Visit Our Tech Blog via www.ideasflame.com
Note: only a member of this blog may post a comment.