Naira Gains Big At Black Market As CBN’s New Policy Improves Dollar Supply

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The Nigerian has staged a recovery against the dollar to close at N490/$1 at the parallel market , December 1, 2020.

This represents a N10 gain when compared to the N500/$1 exchanged for Monday, November 30,according to a report by Nairametrics.

Forex turnover rose significantly by 379.6%.

However, rate at the NAFEX window depreciated against the dollar to close at N394/$1 during intra-day trading , December 1.

This as a result CBN’ on diaspora remittances.

In the amended procedures for receipt diaspora remittances, the recipients are allowed to collect dollars and can sell at the black market in an apparent attempt to improve liquidity in the forex market and the disparity between the black market and official market.