FOREX: Naira slightly gains, exchanges at 473/$

THE naira exchanged at N473/$ at the parallel market on Monday, after trading at N477/$1 last week.

At the Investors & Exporters forex window, the naira hit a high of N422/$ before closing at N390/$.

However, on its website, the Central Bank of Nigeria maintained that the official exchange rate was 379/$.

The Monetary Policy Committee noted, in a recent meeting, the CBN’s effort at improving liquidity in the foreign exchange market.

Governor of the Central Bank, Godwin Emefiele also stated that, given the current trajectory of crude oil prices, there was a need to continue to explore avenues to improve inflow from sources such as the International Money Transfer Operators, diaspora remittances and non-oil export promotion.

“These sources, in the view of the committee, would boost foreign exchange supply and ease the current exchange rate pressure,” Emefiele said.

In a recent circular to International Money Transfer Operators and Payment Service Providers, the apex bank had warned operators against paying recipients of diaspora remittances in local currency, declaring that failure to comply with its guidelines on remittances could result to withdrawal of operational licences.