Good News As Naira Begins To Appreciate Against The Dollar

It seems like the Naira is beginning to appreciate against the Dollar again as yesterday it moved between N225/N230 to a Dollar in comparison to N240 which it has been going for in the parallel market.

According to reports from This Day newspaper, a reliable source said that commercial banks that presently have dollars in excess of $1 Billion in their vaults have started taking desperate measures to mitigate currency risk and as such, have stopped accepting Dollars.

Another Bureau De Change operator confirmed this and said some banks are rejecting Dollar deposits into domiciliary accounts, but customers are allowed to withdraw cash from their accounts.

Another confirmation was from an official of the Central Bank of Nigeria, CBN, who said the banks even offered the dollars to them so they can help wire the funds overseas but the CBN rejected this.

Meanwhile, a financial analyst, Kunle Ezun, has attributed the appreciation of the Naira to the directive by CBN that all licensed BDCs in the country must provide the BVNs of their customers for all transactions.

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