Naira weakens at parallel market, rises at official
The naira strengthened at the official window on Monday, after the Central Bank of Nigeria Governor, Olayemi Cardoso, reassured that the apex bank was making efforts to tackle the volatility of the currency.
The local currency appreciated by 1.09 per cent to close at 1,419.86/$ at the official forex window, according to data obtained from the FMDQ.
The dollar was sold for 1,435.53/$ on Friday.
Recall that the naira dropped significantly to an all-time low of 1482.57 /$ last week Tuesday at the official window, defying efforts by the apex bank and the Federal Government to boost liquidity in the foreign exchange market.
However, the local currency has rebounded after a series of policy announcements from the CBN.
Meanwhile, the naira did not fare better on the parallel market, trading between 1,440/$ and 1,460 at the close of trading on Monday, according to Bureau de Change operators.
The naira closed trading on Friday at 1,450/$ at the alternative forex market.
The dollar has got to 1,460 today. But it is still the same people that buy and hoard,” he stressed.
Earlier on Monday, Cardoso had said that the central bank had put in significant work to remove all the bottlenecks stifling the supply of FX into the country.
