Naira Strengthens Further Against the Dollar... See Latest Exchange Rate

 

The naira on Wednesday 8th of March, maintained its position against the dollar as it exchanged N460/$1 at the parallel market. The currency strengthened against the dollar as it had exchanged at N465 and N460 on Friday and Monday respectively.

 

According to the Central Bank of Nigeria, its new Forex policy will help the naira gain grounds against major international currencies in the foreign exchange market.

 

 

The apex bank also directed Money Deposit Banks, MDB, to forthwith process and meet the demand for dollars and other foreign currencies within 48 hours.

 

In a circular made available to journalists in Abuja yesterday, the Director of Financial Markets Department, Dr Alvan Ikoku, said the order would further make foreign currencies readily available to end users.

 

However, the currency remains 305 to the dollar at the official market.