Check Out What Is Now Happening To Our Naira

After weeks of poor performance, the Naira is bouncing back stronger. The United States dollar will further tumble against the naira at the parallel market this week as Deposit Money Banks continue to reject cash deposit of foreign currencies into customers’ domiciliary accounts.

The Naira had appreciated from 245 to 220 to a Dollar at the parallel market last week after banks started refusing to allow customers make cash deposits of foreign currency into their domiciliary accounts.

As at Monday morning in Lagos and Abuja, the Naira has appreciate further.

Foreign exchange dealers told PUNCH that the naira would likely appreciate further against the dollar at the black market this week.

A forex trader said, “We expect the naira to appreciate further this week at the parallel market. Banks have flooded the market with dollars and other foreign currencies. This is making the naira to appreciate. There is still a huge stock of dollars out there that the banks will be pushing into the parallel market this week.”

Banks had last week told customers they would no longer collect cash deposits into domiciliary accounts.

The CBN Governor, Godwin Emefiele, had two weeks ago said the naira was “appropriately priced” at its current level of 197 to the dollar on the interbank market, which is the official market.