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Nigerian naira on Tuesday gained rapidly against the United States dollar to 516 at the black market, 24 hours after the Central Bank of Nigeria adjusted the country's forex policy.
On Monday, it crashed at the parallel market to N520 per United States dollar, even as the Central Bank of Nigerian, CBN pegged rate at 376 to the dollar for school fees, medical and BTA/PTA fares.
The currency also appreciated against the Pound sterling and Euro to 630 and 540 at the parallel market.
Meanwhile, an economist and Managing Director and Chief Executive, Financial Derivatives Company Limited, Mr. Bismarck Rewane said that the new Central Bank of Nigeria policy on forex regulation is a move in right direction.
Mr. Rewane wondered why it had taken the apex bank this long to effect these changes.
TRENDING: 3 Biggest Gainers From CBN’s New Forex Policy
On Monday, it crashed at the parallel market to N520 per United States dollar, even as the Central Bank of Nigerian, CBN pegged rate at 376 to the dollar for school fees, medical and BTA/PTA fares.
The currency also appreciated against the Pound sterling and Euro to 630 and 540 at the parallel market.
Meanwhile, an economist and Managing Director and Chief Executive, Financial Derivatives Company Limited, Mr. Bismarck Rewane said that the new Central Bank of Nigeria policy on forex regulation is a move in right direction.
Mr. Rewane wondered why it had taken the apex bank this long to effect these changes.
TRENDING: 3 Biggest Gainers From CBN’s New Forex Policy
