Naira rises against Dollar – The Naira, on Monday, June 13, appreciated against the dollar at the parallel market, trading at N355, from N362 traded on Friday, June 10. The Nigerian currency gained N7 between Friday to Monday. The currency, however, weakened further against the Pound Sterling and the Euro as it exchanged for N510 and N405 respectively.
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However, the official exchange rate remained at N197 to a dollar at the apex bank window.
Traders at the market said that the market got a boost due to the availability of the greenback for trading. A Bureau De Change operator in Lagos told us: “There is a lot of improvement as the dollar is partially in circulation. We hope it continues this way.” we recall that the hoarding of the greenback had emerged after the Central Bank of Nigeria Monetary Policy Committee last month, announced plans to adopt a flexible exchange rate.
A flexible exchange rate system is a monetary system that allows the exchange rate to be determined by supply and demand.
Details of Nigeria’s flexible currency model will be ready in a short while.
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