Naira exchanges for 473/$ – a slight gain

Naira exchanged at  473/$ at the parallel market yesterday, after trading at  477 last week. Naira hit a high of  422/$ before closing at  390/$ at the Investors & Exporters window .

The Apex bank in Nigeria, CBN however maintained the official rate at  379/$ on its website.

At the recent Monetary Policy Committee meeting, the committee noted the CBN’s effort at improving liquidity in the forex market.

The CBN Governor, Godwin Emefiele, noted the need to continue to explore avenues to improve inflow from sources such as the International Money Transfer Operators, diaspora remittances and non-oil export promotion, given the current trajectory of crude oil prices. “These sources, in the view of the committee, would boost foreign exchange supply and ease the current exchange rate pressure,” he said.

The CBN in a recent circular to International Money Transfer Operators and Payment Service Providers had warned operators against paying recipients of diaspora remittances in local currency.

It warned that violators could lose their operational licences if they failed to comply with its guidelines on remittances.