Just In: Naira Exchanges For 503/$ At Parallel Market

Naira Exchanges For 503/$ At Parallel Market

According to the Bureau de Change operators, the naira exchanged to the dollar at 503 at the parallel market on Friday.

Figures obtained from naijbdcs.com, the official website for the licensed BDCs by the Central Bank of Nigeria presented that the naira was bought and sold for 502 and 503.5.

Meanwhile, in early July, the naira had trader at 504/$.

The naira hit a tall of 412.25 but closed at 411.50, revealed at the Investors and Exporter forex window.

The Nigerian sole banking regulator, Central Bank of Nigeria (CBN) has on its website 410.18/$ as the official rate of naira to dollar.

The CBN had earlier held that it was increasing foreign exchange allocated to banks to meet legitimate needs.

In May, the CBN adopted the NAFEX I &E forex window rate as its official exchange rate to the dollar.

As earlier established, the CBN acceptance of the I&E forex window is an indication of its efforts to extend the foreign exchange market and accommodate all forex commitments.

The rationale of the window was to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions.