Finance

Naira exchanges for 510/$1 at parallel market

Naira exchange rates November 2022

The naira held steady against the dollar at the parallel market on Monday at N510.

The naira held steady against the greenback at the parallel market from the 510/$1 at which it closed on Friday.

On the Investors and Exporters’ window, it opened at 411.39/$1. It had a high of 412.90/$1 and a low of 400/$1. The naira closed at 411.50 against the dollar on Monday.

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Dollar supply continues to increase, forex turnover for the day was $166.06m, according to the FMDQ Group.

The naira fell to 525 against the dollar at the parallel market after the Central Bank of Nigeria stopped the supply of foreign exchange to Bureau de Change. Since then, however, it had continued to appreciate.

The CBN Governor, Mr Godwin Emefiele, had at the end of the last Monetary Policy Committee meeting announced the stoppage of forex sale to the BDCs, saying they had turned themselves into agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering.

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He added that the CBN would channel a significant portion of its weekly allocation currently meant for BDCs to commercial banks to meet legitimate forex demand for ordinary Nigerians and businesses.

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The CBN had also asked banks to set up dedicated forex teller points for customers. Commercial banks have since started to implement this.

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