Naira Gains Slightly, Exchanges For 473/$

The naira on Monday exchanged at 473/$ at the parallel market, after trading at 477 the previous week.

At the Investors & Exporters forex window, the naira hit a high of 422/$ before closing at 390/$.

The Central Bank of Nigeria 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 foreign exchange market.

The Central Bank 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.