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Naira strengthens against dollar on parallel market - NEW TELEGRAPH

JUNE 02, 2020

The naira appears to be continuing its recovery against the dollar on the parallel market as the local currency yesterday significantly appreciated to N440 per dollar from N450/$ last Friday.

The naira has thus  steadily appreciated from N455 per dollar last Wednesday to N453/$ last Thursday and ending the week at N450 per dollar. 

Analysts attribute the naira’s rebound on the parallel market to the fears of currency speculators  that the Central Bank of Nigeria (CBN) would soon resume forex sales to Bureaux De Change(BDCs), a development that would lead to an increase in the supply of dollars in the system.


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