Business
Naira gains and exchanges for N565/$1 at parallel market
The Nigerian naira gained marginally against the US dollar at the parallel market to trade at N565 per dollar.
This figure is N5 or 0.9 percent higher than the N570 it traded last week.
Street traders across forex markets in Lagos who spoke to newsmen today, quoted the naira at N565 to a dollar.
A parallel market (street market) is characterised by noncompliant behaviour with an institutional set of rules.
The CBN has consistently maintained that the parallel market represented less than one percent of foreign exchange (FX) transactions and should never be used to determine Nigeria’s naira/dollar exchange rate.
Checks by newsmen showed that the country’s foreign reserves have dipped by $53 million in the last 20 days.
Ahead of yuletide, it is expected that the Central Bank of Nigeria (CBN) will intervene at the forex market by pumping more dollars to avert sharp fall.
According to data on the CBN website, foreign reserves dropped from $41.1 billion at the beginning of December to $40.6 billion as at December 20.
Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others
Protesters storm EFCC headquarters, demand El-Rufai’s prosecution
Measles outbreak spreads through UK
