Naira Bounces Back, Reaches 750/dollar On Parallel Market
Naira strengthens against US dollar at parallel market, closing at N750 per dollar on Wednesday. Previous session saw it close at N763.
On Tuesday, the Naira opened at N770 against the US dollar. Later on, it appreciated by N7.
The naira did not do well in the official market and Investors & Exporter window. It got weaker by 0.03% and 0.04%. This happened according to data from FMDQ and Central Bank of Nigeria. The naira closed at N461.60/USD and N464.67/USD.
The President said something on Monday. He told the Central Bank of Nigeria to work on the exchange rate. The exchange rate should be unified, according to him.
He said that the central bank needs to aim for one exchange rate. The money from arbitrage should be used for important investments. Interest rates are too high and unfair for both people and businesses. We need to fix all of these issues.
In Nigeria, the CBN has different exchange rates for different parts of the economy. This includes the I&E forex window, parallel market rate, International Air Transport Association rate, Interbank Exchange Rate and Bureaux De Change rate.
Recently, the World Bank asked for the exchange rate to be unified.
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