Business Naira Appreciates Further Against The Dollar

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LequteMan

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Nigeria - The Naira has appreciated further against the Dollar on the parallel market following banks continued rejection of cash deposits in dollars, a move to discourage speculation in the currency.

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The naira was quoted at 216 on the parallel market on Monday, strengthening by 4.1 percent from 225 naira to the dollar on Friday. It was quoted at 240 a week ago.

On the official interbank market, the naira traded at 199 at 1130 GMT, near the central bank's pegged rate of 197.

According to Aminu Gwadabe, president of Nigeria's Bureau de Change association, "banks are rejecting dollar deposits ... they are not able to transfer excess liquidity to their correspondent banks abroad, which is restricting importers from using domiciliary accounts,"


Reuters
 
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