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Naira strengthens further against dollar on parallel market

The naira had continued to s t r e n g t h e n against the dollar on the parallel market in the wake of the Central Bank of Nigeria’s (CBN) new policy on diaspora remittances. Data obtained from “Abokifx,” a website that tracks forex rates on the parallel market, shows that the naira appreciated to N470 per dollar yesterday from N485/$1 on Wednesday.

On Monday, the apex bank had directed that beneficiaries of diaspora remittances through International Monetary Transfer Operators (IMTOs) should receive such inflows in foreign currency (US dollar) through the designated bank of their choice. It said recipients of such remittances had the option of receiving such funds either in foreign currency cash or into their ordinary domiciliary accounts, adding that the move was “necessary to deepen the foreign exchange market, provide more liquidity and create more transparency in the administration of Diaspora remittances into Nigeria.”

According to forex dealers, the new policy on diaspora remittances has bolstered naira on the parallel market, as it has led to a drop in demand for dollars in that segment of the forex market, with many end users adopting a waitand- see attitude. However, the local currency depreciated to N395 per dollar on the Investors and Exporters’ (I&E) window yesterday from an opening rate of N392.50/$1 earlier in the day. Meanwhile, there were indications last night that the CBN had adjusted the rate at which it sells dollars to Bureaux De Change (BDCs) to N393/$1 from N390 per dollar.

 

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