The naira, on Monday, recorded gains on the parallel market, also called the black market as the new foreign exchange (FX) rule by the Central Bank of Nigeria, CBN, commenced on Monday, July 1.
On the black market, the naira was quoted at N1,497 compared to N1,520 quoted on Friday, data collated from street traders and some online data collating platforms indicated.
The naira on Monday strengthened to N1,508.9 per dollar at the official market as against N1,510.10 to the greenback on Friday, data from the FMDQ Securities Exchange Limited showed.
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The CBN last Wednesday announced the discontinuation of its Price Verification System (PVS) Portal, effective July 1, 2024. This decision comes in light of recent developments in the Nigerian foreign exchange market.
The development comes on the back of Central Bank or Nigeria policies, including the unification of the FX market, circular on the operation of International Money Transfer Operators, Intervention to Bureau De Change operators, regulation on excess FX to banks, and recently the withdrawal of Price Verification System Portal for importers.
Despite, the policy reforms by the apex bank, the Naira has continued fluctuations against the Dollar and other currencies in the foreign exchange market.
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