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    Security features of the new naira notes revealed by the CBN

    JUST IN: CBN orders banks to begin payment of new notes over the counter

    Atiku heads to Europe on ‘business trip’

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    They want to starve us of funds – IPOB DOS cries out

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    Suspected herdsmen ambush Benue policemen, kill DPO

    Suspected herdsmen ambush Benue policemen, kill DPO

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

    Law to legalize crypto as a payment method passed in Brazil

    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    Non-oil sector contributes 93.67% to Nigeria’s GDP in Q2 2022

    Nigeria’s GDP growth slows to 2.25% in Q3 2022, oil sector contribution declines further

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

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    • Economic Data
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    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    Equities Market Recorded Gains… As NGX-ASI Grows Marginally By 0.49%

    Equity Market turns bearish… As Value Traded Spikes by 409.01%

    The Local bourse Closed The Week Bearish… As the NGX-ASI fell by 0.18%.

    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    NGX-ASI Turns Bullish…As Oil & Gas sector closed at a Gain of 1.58%

    The Okomu Oil Palm Plc announces N7.00 interim dividend for H1 2022

    Local Bourse Records 2nd Day Loss…… As NGX-ASI Decreases by 0.02%

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    DMO offers N360 bn FGN Bonds for subscription in January

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    NGX Reg lifts suspension on Trading of Niger Insurance Plc’s shares

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    2022 financial year: UAC of Nigeria posts N2.69 billion loss

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    CAP Plc posts N2.08bn profit in 2022, 85.95% YoY growth

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    2023 Bible Lessons on Setting your Financial/Investment Goals

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

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    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

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Home Markets Forex

Naira continues to gain against dollar at the parallel market

Tuesday, 3 August 2021, 12:51 pm
in Forex, Markets
1
Naira continues to gain against dollar at the parallel market
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Naira has continued to appreciate against the dollar at the parallel market after the crash last Wednesday, following the decision of the Central Bank of Nigeria to stop the sale of forex to Bureaux De Change operators in the country.

Following to the CBN announcement last Tuesday, Naira depreciated to N525 per dollar last Wednesday compared to N505 per dollar it exchanged on Tuesday as speculators rushed in to stock forex in expectation of further depreciation of naira.

However, naira has continued to recover as it closed at N520 per dollar on Thursday, N515 per dollar on Friday and N512 per dollar on Monday, according to the data on AbokiFX, which tracks black market rates.

Today naira has appreciated further against the dollar to N510 per dollar at the black market window. This implies a N15 appreciation since the fall last Wednesday.

The CBN had last Wednesday instructed all Deposit Money Banks (DMB) in the country to ensure that no customer is “turned back or refused FX provided that documentation and all other requirements are satisfied.”

Following the CBN directive, Nigerian banks on Monday notified their customers that purchase of foreign currencies can now be done conveniently at any of the bank’s teller points in branches nationwide.

Read more: How to obtain foreign currency from Teller Points at Bank branches

Customers seeking to purchase Personal/Business Travel Allowance (PTA/BTA), pay International Tuition/School Fees and make International Medical bill payments are to visit the bank branches.

Foreign currency cash is expected to be provided to the customer instantly upon presentation of appropriate documents.

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

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Comments 1

  1. Zinnierall says:
    2 years ago

    Good job…keep it up gurl

    Reply

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