Naira closes at N1,240/$ in parallel market

The naira yesterday closed at N1,240 to dollar in the parallel market. It closed at N1,245 to dollar on Wednesday, representing N5 to dollar appreciation.

“In line with the Bank’s commitment to ensure transparency and stability in the foreign exchange market and avoid foreign exchange malpractices, All Authorized Dealer Banks shall henceforth effect payout of PTA/BTA through electronic channels only, including debit or credit cards. For the avoidance of doubt, payment of PTA/BTA by cash is no longer permitted,” the bank said.

Gwadabe therefore expressed ABCON’s gratitude to the Cardoso-led CBN and other related agencies for the recognition of BDCs as the third leg of the foreign exchange market and an effective exchange rate transmission mechanism in forex management.

Source: News Formal (newsformal.com)

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