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ProfRem
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The naira bounced back against the United States dollar from 500 to 498 at the parallel market on first day trading February, 2017.
The naira has been under persistent pressure as scarcity of the greenback continues to hit the market.
The currency still maintained high rate against the pound and euro at 615 and 525 respectively at the black market segment.
At the official market, the local unit trades at 305/dollar, the level it has traded at since August last year as a result of regulators' close monitoring.
The naira is expected to remain at 498/dollar at the parallel market as the Central Bank of Nigeria continues sales of the greenback to Bureau De Change operators.
The CBN had two weeks ago commenced sales of dollars to the BDC operators through Travelex, following a three-week break during the Yuletide season.
Meanwhile, the Central Bank of Nigeria, CBN, has said that “since the introduction of the new forex policy in 2016, it has published, monthly, the evidence of sale from DMBs, as received from the banks and without any alteration by us in the spirit of transparency".
The naira has been under persistent pressure as scarcity of the greenback continues to hit the market.
The currency still maintained high rate against the pound and euro at 615 and 525 respectively at the black market segment.
At the official market, the local unit trades at 305/dollar, the level it has traded at since August last year as a result of regulators' close monitoring.
The naira is expected to remain at 498/dollar at the parallel market as the Central Bank of Nigeria continues sales of the greenback to Bureau De Change operators.
The CBN had two weeks ago commenced sales of dollars to the BDC operators through Travelex, following a three-week break during the Yuletide season.
Meanwhile, the Central Bank of Nigeria, CBN, has said that “since the introduction of the new forex policy in 2016, it has published, monthly, the evidence of sale from DMBs, as received from the banks and without any alteration by us in the spirit of transparency".
