The exchange of naira for dollar is held at N509/$1 at the parallel market on Monday.

On the Investors and Exporters’ window the currency opened at 411.39/$1 and later a high of 412.90/$1 and a low of 400/$1.

Naira closed at 411.50 against the dollar on Monday but the naira fell to 525 against the dollar at the parallel market after the Central Bank of Nigeria stopped the supply of foreign exchange to Bureau de Change. Since then it has continue to appreciate.

The CBN Governor, Godwin Emefiele at the end of the last Monetary Policy Committee meeting announced the stoppage of forex sale to the BDCs.

Emefiele said they had turned themselves into agents that facilitate corrupt activities.


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