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

Posted by Thandiubani on Wed 02nd Dec, 2020 - tori.ng

The naira has recorded a significant improvement against the dollar following CBN's new policy.

Naira and dollar

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

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

Forex turnover rose significantly by 379.6%.

However, Naira’s exchange rate at the NAFEX window depreciated against the dollar to close at N394/$1 during intra-day trading on Tuesday, December 1.

This was as a result of CBN’s new policy on diaspora remittances.

In the amended procedures for receipt of 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 reduce the disparity between the black market and official market.