The new forex guideline released by the Central Bank of Nigeria, CBN, on Wednesday, June 15, has helped the Naira to firm up against the dollar with a N12 gain.
The Nigerian currency gained N12 to close at N355 to the dollar in the parallel market on Thursday, June 16, as a result of the new policy which has boosted positive sentiments in the money market.
The naira had closed at N367 on Wednesday, June 15 but recovered after traders saw the new policy as positive for investment.
President, Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, attributed the gain leap to drop in demand for the dollar and increased supply of the greenback from speculators.
In the new flexible foreign exchange system, the CBN will collpase all existing segments of foreign exchange market into a single window and prices will be determined solely by market forces.