The naira exchanged to the dollar at N504 at the parallel market on Friday, according to the Bureau de Change operators.
It had earlier exchanged to the dollar at 500 in the previous week and at N490 a month earlier.
According to naijabdcs.com, the Central Bank of Nigeria’s official rate for the BDCs, the dollar was bought and sold at the rate of N503 and N504 as of Friday evening.
The CBN in May adopted the NAFEX Investor & Exporter forex window rate of N410.25 as its official exchange rate to the dollar.
It would be recalled that in April 2017, the CBN established the I&E forex window as part of efforts to deepen the foreign exchange market and accommodate all forex obligations.
The purpose of the window was to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions.
The CBN had also disclosed that it was increasing the amount of foreign exchange allocated to banks to meet legitimate needs.
News update A video circulating online obtained by this online newspaper shows the Imo State…
News Update Gunmen on Sunday night, reportedly attacked a convoy of the Chief Of Staff…
News Update THE United States Department of State is offering $3.5 million to fund projects…
President Bola Tinubu has approved the recruitment of 1,000 forest guards in Oyo State as…
News Update A bus carrying young athletes to a competition in Hungary veered into the…
Femi Oyetola and fellow All Progressives Congress (APC) youth aspirants for the National and State…