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The naira on Friday appreciated slightly to close at 314.25 to the dollar at the inter-bank market, forty -seven days after the Central bank of Nigeria introduced the flexible exchange rate policy, according to data compiled by Bloomberg.
Meanwhile, the Nation's naira was quoted at an all-time low of 412 per dollar on the parallel market on Friday as a dollar shortage persists, traders said.
Traders lament ed that some bureaux de change operators have been finding it difficult to access their forex account and get dollar supply after the central bank suspended nine commercial lenders from the market, putting further pressure on the local currency.
Banks were barred for concealing and failing to remit the Nigerian National Petroleum Corporation (NNPC) dollar funds to the federal government’s Treasury Single Account domiciled in the CBN as directed by the Presidency last year.
Naira Watch: Tracking Nigeria's Currency [Day 46]
Thursday Closed: 338.75
Today Open: N315.25
High Rate: N338.75
Low: N305
Meanwhile, the Nation's naira was quoted at an all-time low of 412 per dollar on the parallel market on Friday as a dollar shortage persists, traders said.
Traders lament ed that some bureaux de change operators have been finding it difficult to access their forex account and get dollar supply after the central bank suspended nine commercial lenders from the market, putting further pressure on the local currency.
Banks were barred for concealing and failing to remit the Nigerian National Petroleum Corporation (NNPC) dollar funds to the federal government’s Treasury Single Account domiciled in the CBN as directed by the Presidency last year.
Naira Watch: Tracking Nigeria's Currency [Day 46]
Thursday Closed: 338.75
Today Open: N315.25
High Rate: N338.75
Low: N305
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