The Nigerian naira yesterday depreciated against dollar at the exchange rate market.
Naira and dollar
The naira suffered loss against the dollar at the parallel market on Thursday, December 17 to close at N478/$1.
This represents a N2 drop when compared to the N476/$1 that it exchanged for on Wednesday, December 16.
However, forex turnover rose by 9.6%, as the Naira’s exchange rate at the NAFEX window appreciated against the dollar to close at N394/$1 during intra-day trading on Thursday, December 17.
This follows new Central Bank of Nigeria guideline barring mobile money operators and payment service providers from accepting diaspora remittances.
However, some operators continue to pay remittances in Naira contrary to CBN’s directive that it should be paid cash in dollars or into the recipient’s domiciliary account.
Nigeria’s foreign exchange market received a boost with the approval of the $1.5billion loan request by the World Bank.