Naira appreciates to N1,445/$ in parallel market

Naira appreciates to N1,445/$ in parallel market

 The Naira yesterday appreciated to N1,445 per dollar in the parallel market from N1,455 per dollar on Monday. However, the naira depreciated to N1,433.89 per dollar in the Nigerian Foreign Exchange Market (NAFEM).Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,433.89 per dollar from N1,419.86 per dollar on Monday, indicating N14.03 depreciation for the naira.In the last seven days, CBN, under its Governor, Olayemi Cardoso, has released four policy reforms to wrestle down the free fall of Naira.CBN last week issued ‘Financial Markets Price Transparency and Market Notice of a revision to the FMDQ FX Market Rate Pricing Methodology’ resulting in the weakening of Naira from N891.90 per US dollar on 26th January to N1,410 on Monday.Similarly, NigerianEye recalls that CBN also released a guideline last week Wednesday to curb foreign currency hoarding and speculation.Also, the CBN issued fresh guidelines for International Money Transfer Operators in Nigeria and removed the cap on the exchange rate quoted by IMTOs.

Source: Naira appreciates to N1,445/$ in parallel market

 - NigerianEye

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