Nigeria - The Naira on Monday, appreciated against the American dollar at the parallel market.
The local currency has strengthened to N460 per dollar as against the N465 per dollar it traded on Friday.
The apex bank also directed Money Deposit Banks, MDB, to forthwith process and meet the demand for dollars and other foreign currencies within 48 hours.
The Central Bank of Nigeria, CBN, said recently that the Naira has been gaining strength against major international currencies in the foreign exchange market due to its decision to deepen its intervention in the market.
In a circular made available to journalists in Abuja yesterday, the Director of Financial Markets Department, Dr Alvan Ikoku, said the order would further make foreign currencies readily available to end users.
However, the currency remains 305 to the dollar at the official market.
FOLLOW US ON:
> The Forefront on Twitter
>BBM Channel: C002CB006 {WELCOME TO THE FOREFRONT
>{Instagram: the_forefront_nigeria }
Connect with Joshua Osagie (Blog owner)
FOLLOW US ON:
> The Forefront on Twitter
>BBM Channel: C002CB006 {WELCOME TO THE FOREFRONT
>{Instagram: the_forefront_nigeria }
Connect with Joshua Osagie (Blog owner)
Share this post with others on social media with options below.
|
No comments:
Post a Comment
Disclaimer!!! Opinions expressed in comments do not represent THE FOREFRONT MEDIA NG's views. All participants are entitled to their opinions. Thank you!!!
Advertise on the Forefront: For advert placement in the blog or advert posts like news updates, reach +2348124620827 [WhatsApp].
Copyright 2023 The Forefront Media Ng. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from The Forefront Media Ng