The naira recorded slight gain on
Tuesday and closed at 512 against the
United States dollar on the parallel
market, a day after the Central Bank of
Nigeria introduced a new foreign
exchange policy action.
The CBN had on Monday announced its
decision to begin sale of $1m weekly to
each of the country’s 21 commercial
banks at a rate of 375 naira to clear a
backlog of demand for retail users and
try to narrow the premium between the
official and black market rates.
The decision was announced hours after
the naira tumbled to 520/dollar on the
parallel market as
scarcity of the greenback continued to
weigh on the exchange rate.
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