The naira has strengthened by N5 against the United States dollar on Tuesday, June 21, at the parallel market.The local currency which had depreciated on Monday, June20, at the parallel market where it closed at 340 to the greenback, has gained strength to trade at N335/$1.The growth comes on the heels of the commencement of the Central Bank of Nigeria, CBN’s foreign exchange policy which allows for the determination of the exchange rate by market forces of demand and supply.


According to a Bureau De Change operator who spoke to NAIJ.com,“A lot of dollars came into the market today from people selling out of fear, because of uncertainty of how the new policy will affect the exchange rate in the parallel market.”Meanwhile, the naira fell to N255/dollar on the official market yesterday, June 21.



Analysts had predicted that there would be a volatile and interesting trading on Forex and the exchange rate is expected to rise against the dollar.


Nigeria had pegged the naira to the dollar at 197-199 since.March 2015, even as other oil exporters have let their currencies devalue in the wake of plunging global crude prices.

https://www.naij.com/866903-naira-gains-strength-dollar-checkout-new-rate.html?_e_pi_=7%2CPAGE_ID10%2C3245486316

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