Naira increased against the US dollar in the parallel market, closing at N215 to a dollar

Naira Gradually Increasing

 Naira increased, against the US dollar in the parallel market, closing at N215 to a dollar. This represents an increase of N16 from Tuesday when a dollar exchanged for N231 in Lagos and Kano, and N230 to a dollar in Abuja.
Informed sources told  us that the development follows the decision of the Central Bank of Nigeria, CBN, to interbuhari-Nairavene in the foreign exchange market.


Earlier in the day, naira exchanged for as high as N235 to a dollar, but a parallel market source noted that the news of the CBN circular prompted various firms to hurriedly sell off the dollars in their possession leading to increase in supply of dollars to the market and thus crashing the exchange rate.
The hurried sale is in anticipation that the market would be flooded by dollars when the additional sale is made by the apex bank on Friday. The official exchange rate remains pegged by CBN at N199 to a dollar.