Naira starts week strong at official market

Nigerian currency is starting the week on a good note at the official market just as the Central Bank of Nigeria (CBN) intensifies efforts to reduce relevance on black-market traders.

Data obtained from FMDQ securities, shows the exchange rate between the Naira and the US dollar is opening the week at N412.88/$1, at the official Investors and Exporters window.

The opening rate represents a 0.05 percent gain compared to N413.07/$1 recorded on Thursday, 16th September 2021.

With Abokifx, on which most newspapers in Nigeria rely on for black-market exchange rates of naira now suspended, an independent Bureau De Change operator on Monday confirmed that he sells dollars at N562.

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CBN last week accused the Abokifx, a website that collates the black-market exchange rates of naira, of carrying out an “illegal activity that undermines the economy”.

Emefiele while reading the MPC communique held last week said the publisher of the platform, Oniwinde Adedotun, was involved in “illegal forex trading” declaring him wanted.

He also emphasized that the bank does not recognize the parallel market rates and will do its best to ensure it stops.

“Nigerians in need of dollars should use the bank, not parallel market, there is enough to meet demands,” he stressed.