Sunday, September 19, 2021

Naira exchanges for 503/$ at parallel market

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The naira exchanged to the dollar at 503 naira at the parallel market on Friday according to the Bureau de Change operators.

The naira had earlier traded at 504/$ early in July, at the Investors & Exporter forex window, the naira hit a high of 412.25 but closed at 411.50.

On the CBN’s website, the banking regulator maintained the official rate of the naira to the dollar at 410.18/$.

The CBN had earlier said that it was increasing foreign exchange allocated to banks to meet legitimate needs anf it assured that the BDCs would continue to have their weekly allocations.

The CBN in May adopted the NAFEX I &E forex window rate of as its official exchange rate to the dollar.

The Apex bank had established the I&E forex window as part of efforts to deepen the foreign exchange market and accommodate all forex obligations.