Naira gains N6 at parallel market


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.



Support PREMIUM TIMES' journalism of integrity and credibility


Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required


Now available on

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

TEXT AD: New Discovery! Click Here To See A Miracle Device That Can Cure DIABETES, BLOOD PRESSURE, STROKE, ARTHRITIS, PAINS, OBESITY And 50 Other CHRONIC DISEASES Without Drugs Or Herbs.. Click Here Now To See It

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.