Naira rebounds, now N208 to dollar as CBN moves against illicit financial flows

 The Naira at the weekend appreciated against major currencies, especially the dollar, which exchanged for between N206 and N210 at the parallel market on Sunday.

 The currency, which had lost up to 20 per cent of its value recently when a dollar exchanged for N245, responded to series of policies churned out by the Central Bank of Nigeria (CBN).

 As part of efforts to further strengthen the naira, the apex bank, at the weekend, vowed to move against illicit financial flows.

 The CBN policies which have seen Naira firm up have, however, brought untold hardship on Nigerians on vacation abroad as they find it difficult to make withdrawals from their domiciliary accounts from outside the country.

 In its plan to properly price the Naira, the apex bank had been tweaking its foreign exchange policies.

Naira Faces Fresh Pressure, Falls To 222 Per Dollar

The naira, which rose to 180 against the dollar shortly after the inauguration of President Muhammadu Buhari about a month ago, has fallen to 222 at the parallel market due to a huge demand for dollars by importers and investors.

Increasing business activities have made importers and investors to move their foreign exchange demands to the parallel market, putting pressure on the naira at the segment, it was learnt on Tuesday.

The dollar was sold for between 220 and 222 on the streets of Lagos, Abuja and Kano on Tuesday, while the pounds and euro were sold for 350 and 249, respectively.