Markets
Naira strengthens 1.04% to N478/$ at parallel forex market
The liberalization of the diaspora remittance policy of the Central Bank of Nigeria (CBN) seemed to be impacting the country’s foreign exchange market positively as the Naira strengthened against the Dollar at the parallel market on Wednesday.
The local currency appreciated 1.04% to N478/$ from N483/$ at the unofficial market on Tuesday as liquidity increased in the market.
At the Investors forex segment of the market. the Dollar exchanged N394.67 as the Naira weakened 0.08%, having opened at N391.49/$.
The Naira was flat at N379/$ at the interbank market.
Meanwhile, Nigeria’s external reserves have lowered by almost 1% in the last one week to $25.-5 billion, which the apex bank said was still enough to finance the country’s import demands.
By Dayo Kiladejo
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