The Naira on Monday, appreciated against the American
dollar at the parallel market.
The local currency has strengthened to N460 per dollar as
against the N465 per dollar it traded on Friday.
The Central Bank of Nigeria, CBN, said recently that the
Naira has been gaining strength against major international
currencies in the foreign exchange market due to its
decision to deepen its intervention in the 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.
