Naira sells below 1,280/$ at official and parallel markets

The naira has appreciated to N1,278.58 against the United States dollar from N1,309.39 per dollar recorded last week Thursday, March 28.

According to data from FMDQ Securities, the indicative exchange rate for the Nigerian Autonomous Foreign Exchange Market closing below the N1,300 ceiling marks the first instance since January 26 of this year.

Since the introduction of a number of forex policies by the central bank, the naira has gained over 21 per cent on the dollar since March.

Liquidity in the forex market has been attributed to an array of policies currently implemented by the CBN.

Key reforms include the unification of exchange rate windows, liberalisation of the FX market, clearance of FX backlog obligations for banks and airlines, implementation of a Price Verification System, imposition of limits on banks’ Net Open Position, removal of the daily cap of N2bn on remunerable Standing Deposit Facility, and overhaul of the Bureau De Change segment.