Business
Naira gains ground against dollar at parallel market
Ahead of Monday’s launch of a foreign exchange interbank trading window in Nigeria, the local currency gained against the dollar as dealers anticipate supply glut in line with the Central Bank of Nigeria (CBN) move for a market driven FX prices.
At the parallel market on Friday, FX dealers sold dollar at N335 and bought at N330, investigation shows. They sold at N365 as at Thursday, and bought at N360.
They also anticipate further decline ahead of Monday’s take-off of the interbank FX market.
ALSO SEE: New FX guidelines may ease pressure on naira
In a bold move that analysts expect to engender the much needed transparency and liquidity in the FX market, the CBN opted for a free-floating FX market structure.
The apex bank will on Monday start a new foreign exchange trading regime, abandoning its 16-month peg and setting the stage for the naira to rise sharply at the parallel market.
The International Monetary Fund (IMF) said it welcomes the decision of the CBN to abandon its currency peg and adopt a flexible exchange rate policy, saying this was important to reduce fiscal and external imbalances.
-
Football3 days agoAfrica breaks World Cup record with seven teams in knockout stage
-
Latest6 days agoAlleged xenophobic attack claims life of Malawian street vendor in South Africa
-
Comments and Issues5 days agoNorway’s Rowing Celebration Captures The Spirit Of The World Cup
-
Football4 days agoNetherlands to face Morocco, Brazil draw Japan in 2026 World Cup round of 32
-
Entertainment20 hours agoActress Cossy Ojiakor shares flooded home as heavy rainfall wreaks havoc in Lagos
-
Aviation1 week agoHeading through the storm: Multiple taxes, complex leasing drag on Nigerian carriers
-
Energy5 days agoLeaked court documents allege Shell ignored pipeline safety warnings in Niger Delta
-
Business4 days agoNAFDAC, FCCPC others partners OSOA Foods advocacy on food safety, MSME growth