23 February 2016

Nigeria: Naira Gains N6 At Parallel Market

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(file photo).

The naira further gained N6 on Tuesday, trading at N364 to the dollar at the parallel market, following President Muhammadu Buhari's stance not to devalue the currency.

The News Agency of Nigeria (NAN) reports the naira exchanged at N370 to one dollar on Monday.

Mr. Buhari had on February 20 insisted that the government would not devalue the naira in spite of wide gap between the official and the parallel market rates.

The acting president of the Association of Bureaux De Change of Nigeria (ABCON), Aminu Gwadabe, said in Lagos on Tuesday that the body had decided to introduce weekly foreign exchange rate band.

Mr. Gwadabe said this would be used as a guide to all bureau de change operations and members of the public on the prevailing exchange rate across the country.

According to him, this is to forestall exploitation of foreign exchange end-users and also to ensure that they are informed enough to avoid falling victims of exploitation.

The naira, however, remained at N199.50 to the dollar as the official bank rate.


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