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Published by on February 22, 2017 at 11:05 am

Naira Records Gain, Closes At 512/ dollar On Tuesday

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The naira recorded slight gain on Tuesday and closed at 512 against the United States dollar on the parallel market, a day after the Central Bank of Nigeria introduced a new foreign exchange policy action. The CBN had on Monday announced its decision to begin sale of $1m weekly to each of the country’s 21 commercial banks at a rate of 375 naira to clear a backlog of demand for retail users and try to narrow the premium between the official and black market rates. The decision was announced hours after the naira tumbled to 520/dollar on the parallel market as scarcity of the greenback continued to weigh on the exchange rate.

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