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.

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