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Due to the covid-19 pandemic, the FED took several dramatic measures to ensure there was ample liquidity in the US financial system.
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The purpose of the CBN directive was to implement the January 31 deadline.
According to Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria (ABCON), the Central Bank of Nigeria’s (CBN) foreign exchange...
Forex traders said the fall is because of the sustained scarcity of the dollar.
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Due to the covid-19 pandemic, the FED took several dramatic measures to ensure there was ample liquidity in the US financial system.
Naira gained against the US dollar at the parallel market on Friday by 0.88%
In February 2021, the CBN banned financial institutions from honouring cryptocurrency-related transactions and services with immediate effect.
President Muhammadu Buhari-led government had called for the extension of the take-off.
The exchange rate gained at the parallel market to close at N493/$1 compared to N502/$1 recorded on Wednesday.
The nation’s official exchange rate will be determined by NAFEX rate or the importer and exporter (I&E) FX window.
It became clear Friday that the 379 rate had been removed from the CBN website.
The naira appreciated against the US dollar on Wednesday to close at N410.5/$1.
The incentive program was introduced to encourage recipients of dollars to use formal banking channels and help the central bank capture such inflows.
The naira appreciated against the US dollar at the Investors and Exporters window on Friday to close at N410/$1.