Business

CBN Promises To Close Forex Prarallel Market Gap As Naira Appreciates

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The Central Bank of Nigeria (CBN) has assured Nigerians that it would continue to implement policies that would lead to the convergence of the official and parallel markets exchange rates.

This is just as the naira appreciated to N320 to a dollar on the parallel market on Friday; up from the N330 to a dollar it had closed on Thursday.

The central bank of Africa’s biggest oil producer has all but pegged the local currency at N197-N199 per dollar since March last year after it fell to a record low amid a rout in crude prices.

The naira has still weakened on the parallel market used by non-banks for the last several months as Emefiele’s policies have led to a shortage of dollars in the country, which imports almost all its manufactured goods.

Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has said that the bank is working on measures to stabilize the naira in 2016 so as to boost the economy
 

Kelechi is a writer at The Herald. His many penchants include Poetry, Coding and Rock music. When he is not writing, Kelechi is probably binging on a TV show.

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