Naira rises against USD on parallel market

The Naira has risen marginally against the dollar on the parallel market despite the ongoing scarcity of the greenback.

The Central Bank of Nigeria removed its restrictions on commercial banks receiving and issuing forex on January 11 however the dollar remains scarce.

The Naira gained one point to exchange at N305 from N306 before.

On the official market, the Nigerian currency remains fixed by the CBN at N197 to the dollar and the central bank’s control is unlikely to be lifted soon.

However, traders operating on the parallel market said that the naira has remained stable, exchanging between N305 and N306 to the dollar, despite the recent fluctuations in global oil prices.

If you want to keep track of the issues and events that will effect the economy and the strength of the Naira, you can read our updates on the price of oil and the Naira – US Dollar exchange rate on the parallel market.

If you want a sneak peak, here’s one of our fantastic infographics on the naira and crude oil prices.