Thursday, 23 February 2017

Naira Strengthens to N501 Per Dollar

The Naira on Wednesday climbed up 11 steps to trade at N501 to the dollar as against N512 it traded on Wednesday.

This follows the new FOREX policy put in place by the Central Bank of Nigeria.

Traders noted that currency hoarders rushed to sell off the dollars they had following the new laws put in place by the CBN to stabilise the Naira.

The CBN had on Monday removed the preferential treatment for certain sectors of the economy, explaining that although providing forex for the manufacturing sector remain a priority, banks can now lend foreign currency they procure from it as they deem fit.

The apex bank also reaffirmed its intention to increase forex supplies at the interbank market by reducing banks’ waiting time for delivery of foreign currency from 180 days to no later than 60 days.

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