Naira Gains N5 Against Dollar 24hrs After CBN Threat

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By Modupe Gbadeyanka

The Naira has recorded a marginal gain of N5 at the parallel market barely 24 hours after the Central Bank of Nigeria (CBN) issued a circular threatening to suspend any erring authorised foreign exchange dealer not complying with its new forex policy.

The apex bank on Sunday gave banks 48 hours to honour forex demands from their customers who needed to pay medical bill and school fees.

The CBN had also ordered banks in the circular “to process and meet the demand for Travel Allowances (PTA/BTA) by end-users within 24 hours of such application, as long as the end users meet basic requirements already outlined in earlier directives.”

But Business Post reports that barely 24 hours after the directive, the Naira, which sold for N465 per Dollar on Monday morning, was traded at N460 to the Dollar in the afternoon at the parallel market.

However, the Naira lost N18 against the Pound Sterling at the parallel market, selling at N560 compared with N542 it opened in the morning.

For the Naira to the Euro, it remained flat, trading at N480.

Traders told Business Post that the gain recorded by the local currency against the American legal tender was as a result of yesterday’s directive.

It was alleged that some speculators were still making efforts to frustrate efforts by the CBN to give life back to the Naira.

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