Naira strengthens further to N470/$ at parallel market
The Nigeria’ Naira continues to strengthen up as it exchanged at N470/$ on Tuesday December 15, 2020 at the parallel market.
On Monday, the currency had exchanged at N473/$ at the parallel market
The exchange rate between the naira and the British pound sterling closed at ₦615/₤1 on Tuesday, with the rate closing at ₦615/₤1 on Monday.
The exchange rate between the naira and the European euro closed at ₦565/€1 on Tuesday December 15th 2020. The rate had also closed at ₦565/€1 on Monday.
The nation’s currency started firming up after banks commenced payment of Diaspora remittances in dollars to beneficiaries as directed by the Central Bank of Nigeria (CBN).
On November 30, the CBN said beneficiaries of diaspora remittances through the international monetary transfer operators (IMTO) shall have such inflows in foreign currency (US Dollar) through the designated bank of their choice.
The Association of Bureaux De Change Operators of Nigeria (ABCON) has earlier warned that for speculators will soon suffer huge loss over their forceful depreciation of the naira through illegal activities.
Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to firstname.lastname@example.org.
READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor
READ ALSO! Skytrend Consulting: Financial services and accounting solutions company
READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu
READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn
READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn
READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds