The Central Bank of Nigeria (CBN) has revealed that it is targeting a N200 to dollar exchange rate in the parallel market.
A top source in the CBN revealed that the CBN will ensure that the divergence between the official and parallel rate does not exceed N3, so the CBN is looking at a parallel market rate of N200/$ because the downward trend in the pressure on the naira will be sustained.
The naira which on Friday traded at N330 to dollar in the parallel market is expected to appreciate speedily, as the impact of the CBN’s measures to stabilise the currency volatility in the parallel market begin to materialise.
President, Association of Bureau De Change Operators of Nigeria (ABCON) said the N330 rate in the parallel market is an improvement from last week’s rate when the naira exchanged for N391 to dollar.
The CBN has the capacity to sustain the downward pressure and will deploy further currency management initiatives, while capitalising on fiscal policies of the federal government to remain in support of non-devaluation of the Naira according to the president.
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