Hurray!!! Naira Appreciate against Dollar
BREAKING: Naira bounces back, appreciates to N470/$ in parallel market
By Babajide Komolafe
The naira this morning reversed its two weeks loss to the dollar in the parallel market, appreciating by N20 to N470 per dollar.
The naira had earlier depreciated by N30 against the dollar, as the parallel market exchange rate rose sharply to N500 per dollar on Monday, November 30th from N470 per dollar on Friday, November 20th 2020.
But the new rules introduced by the Central Bank of Nigeria on Monday, November 30th, which allowed beneficiaries of diaspora remittances and foreign exchange transfers into domiciliary account, to collect the proceed in foreign currency cash, halted the dwindling fortunes of the naira.
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