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The exchange rate disparity between the parallel market and the official market widened again to N78.50, representing a 16.7% devaluation differential.
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The exchange rate disparity between the parallel market and the official market widened again to N78.50, representing a 16.7% devaluation differential.
The exchange rate at the parallel market closed at N470/$1 on the last day of trading December 31, 2020.
In the parallel market, the exchange rate between the naira and the US dollar stood at N470/$.
Last week, the Nigerian Stock Exchange All-Share Index (NSE-ASI) rose by 7.46% with a gain of 37.12% year-to-date to close at 36,804.75.
A central reporting portal for all foreign remittances to be managed by the Nigerian Interbank Settlement System (NIBSS) is currently under development.
This represents a N1 gain when compared to the N476/$1 that it exchanged for on Friday, December 9.
The mission recommended vigilance and corrective actions to prevent an increase in financial stability risks arising inter alia from increasing non-performing loans.
Average yields on federal government bonds across the short and long tenor of the curve widened by 2 and 16 basis points respectively.
According to Abokifx, the Naira appreciated against the dollar to close at N478/$1 on Wednesday.
The naira, which had previously exchanged at N500/$, strengthened after the Central Bank of Nigeria (CBN) relaxed the rules on foreign remittances and domiciliary...