parallel market

Naira strengthens at N465 as diaspora remittances hold sway

Nigeria’s Naira strengthens at N465 per United States dollar on the black market since Thursday December 24, 2020 as a result of continued supply from Diaspora remittances following recent policies by the Central Bank of Nigeria (CBN).

With the current rate, naira has gained 2.10 percent or N10.00k day-on-day against the dollar, which closed at N475 on Wednesday at the same market, data from aboki fx.com shows.

At the Bureau De Change (BDC) segment, naira has steadied at N475 since Friday, after gaining N1.00k from N474 traded on Thursday.

On November 30, the CBN said beneficiaries of diaspora remittances through the international monetary transfer operators (IMTO) would have such inflows in foreign currency (US dollar) through the designated bank of their choice.

In a statement on the same day, signed by Ozoemena Nnaji, director of trade & exchange, the CBN said recipients of such remittances may have the option of receiving these funds in foreign currency cash or into their domiciliary account.




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