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LequteMan
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Nigeria - The Naira is set to continue to appreciate against the dollar following Nigerian banks' continued rejection of dollar deposits.
Naira had appreciated against the dollar from 245 to 220 at the parallel market last week after banks started denying their customers opportunity to make cash deposits of dollar, pound and euro into their domiciliary accounts.
Related: Nigerian Banks Reject Dollar Deposits Into Domiciliary Accounts
Foreign exchange dealers said that the naira would likely appreciate further against the dollar at the black market this week.
“Banks have flooded the market with dollars and other foreign currencies. This is making the naira to appreciate. There is still a huge stock of dollars out there that the banks will be pushing into the parallel market this week.” a dealer said.
The Acting President, Association of Bureau De Change Operators, Alhaji Aminu Gwadabe, also noted that large amount of dollars in the market would make the naira to appreciate further at the parallel market this week.
Banks had last week told customers that they would no longer collect cash deposits into domiciliary accounts.
“Banks no longer accept dollar cash due to large speculation on the currency,” the Chief Executive Officer, First City Monument Bank, Mr. Ladi Balogun, said at a conference last week.
PUNCH
Naira had appreciated against the dollar from 245 to 220 at the parallel market last week after banks started denying their customers opportunity to make cash deposits of dollar, pound and euro into their domiciliary accounts.
Related: Nigerian Banks Reject Dollar Deposits Into Domiciliary Accounts
Foreign exchange dealers said that the naira would likely appreciate further against the dollar at the black market this week.
“Banks have flooded the market with dollars and other foreign currencies. This is making the naira to appreciate. There is still a huge stock of dollars out there that the banks will be pushing into the parallel market this week.” a dealer said.
The Acting President, Association of Bureau De Change Operators, Alhaji Aminu Gwadabe, also noted that large amount of dollars in the market would make the naira to appreciate further at the parallel market this week.
Banks had last week told customers that they would no longer collect cash deposits into domiciliary accounts.
“Banks no longer accept dollar cash due to large speculation on the currency,” the Chief Executive Officer, First City Monument Bank, Mr. Ladi Balogun, said at a conference last week.
PUNCH
