The nation’s currency naira has strengthened against the dollar at the parallel market, NAIJ.com can authoritatively report.
This follows report by our Bureau De Change in Lagos, that the naira pegged at the official exchange rate regime of N197 per dollar, has strengthened from N367/$1 it was in on Wednesday, June 8, to N364/$1, today, June 9.
Our Bureau De Change source in Lagos added that the demand for the greenback had increased, amidst growing scarcity as uncertainties created by the new policy.
READ ALSO: Naira trades at N340/$1 in black market
He said: “The dollar is not in circulation after the CBN announced the new forex policy – flexible exchange rate. The rate has been far from consistent.”
The CBN’s Monetary Policy Committee had last month announced plan to adopt a flexible exchange rate.
The CBN governor Godwin Emefiele, said the blueprint for the proposed policy would be released soon.
READ ALSO: Naira falls in black market amid CBN’s new policy
However, the implication of the flexible exchange rate policy is that with a high demand for the dollar in Nigeria, there is every likelihood that the naira will experience a further decline in the coming months.
