The Nigerian Naira continues to gain weight and value at the parallel market as it now trades at the rate of N460 per United States dollar.
It will be recalled that since last week, the local currency has been gaining tremendous points from previous session to trade at lower rate at the black market.
The naira is not only appreciating against the dollar, it has also appreciated against the Pound Sterling to trade at N575 from N600. It has also gained strength against the Euro to trade at N480 from N510.
The Naira since Thursday, February 23, has added high strength against the United States dollar, British Pound and Euro. Thanks to the new forex adjustment policy which is now making the naira gain considerable value at the parallel or black segment of the forex market.
The naira started the day trading at N500 early morning on Friday, February 24. It ratcheted up to about N470 by the afternoon as people trooped to the currency market to sell off foreign currencies.
The Nigerian currency began to garner value on Wednesday, February 22 as it went up against the U.S Dollar at the parallel or black segment of the foreign exchange market, trading at N515 per United States dollar gaining one point from the N516/dollar rate on Tuesday, February 20. Since then, the naira has been appreciating in value against those foreign currencies.
It should be noted that new development can be attributed to the new adjustment policy of the Central Bank of Nigeria (CBN). The apex bank recently adopted a new method to adjust its current forex policy.
The new policy was initiated so as to boost forex supply in order to enable commercial banks meet the needs of their customers seeking dollar to buy foreign raw materials, pay school fees and meet other important needs.