Naira gains N6 at parallel market

Naira-Dollar
Naira-Dollar

The naira further gained N6 on Tuesday, trading at N364 to the dollar at the parallel market, following President Muhammadu Buhari’s stance not to devalue the currency.

The News Agency of Nigeria (NAN) reports the naira exchanged at N370 to one dollar on Monday.

Mr. Buhari had on February 20 insisted that the government would not devalue the naira in spite of wide gap between the official and the parallel market rates.

The acting president of the Association of Bureaux De Change of Nigeria (ABCON), Aminu Gwadabe, said in Lagos on Tuesday that the body had decided to introduce weekly foreign exchange rate band.

Mr. Gwadabe said this would be used as a guide to all bureau de change operations and members of the public on the prevailing exchange rate across the country.

According to him, this is to forestall exploitation of foreign exchange end-users and also to ensure that they are informed enough to avoid falling victims of exploitation.

The naira, however, remained at N199.50 to the dollar as the official bank rate.

(NAN)


DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: To place a text-based advert here. Call Willie - +2347088095401


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.