January 16, 2021

Dambela

Dambela Blog

Naira Bounces Back At Parallel Market to close @#470/$1

2 min read

Naira Bounces Back At Parallel Market to close @#470/$1

The naira seems to be regaining its strength gradually as the year slowly winds up after a long streak of of losing its value to the dollar in the black market otherwise known as the parallel market.

Reports have it that as at last week Friday,  dollar was sold @#477/$1  but beginning this week the naira recovered slowly as it dropped to #473 and now  #470 per dollar.

Many analysts figured out that it could be as a result of the new remittance policy put in place by the Central Bank of Nigeria which has opened another window of opportunities for those willing to receive their remittance in dollar currency which could still further lead to a drop in the value of dollar against the naira coupled with the new order of border reopening.

Meanwhile,  the CBN is still struggling to clear the backlog of foreign exchange demand, especially by foreign investors wishing to repatriate their funds, even as it has been able to sell over $1billion dollar to BDC since its resumption of sales on Monday 7th of September 2020.

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