Wednesday, January 27, 2021

Naira gains, exchanges for 490/$

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Naira exchanged to the dollar at 490/$ in the parallel market on Wednesday, after it had sold for N500 on Monday.

The Bureau De Change operators had attributed the devaluation the naira is currently experiencing to speculative activities of some operators.

The Central Bank of Nigeria however retained the official exchange rate at N379/$ on its website.

In order to adjust for the decrease in supply of foreign exchange, the naira depreciated from N305/$ to N360/$ and subsequently to N380/$.

The CBN has continued to implement a demand management framework, which is designed to bolster the production of items that can be produced in Nigeria, and aid conservation of our external reserves.