{"id":1165,"date":"2021-06-05T07:13:43","date_gmt":"2021-06-05T06:13:43","guid":{"rendered":"https:\/\/mydailybells.com.ng\/businessbells\/?p=1165"},"modified":"2021-06-05T07:13:43","modified_gmt":"2021-06-05T06:13:43","slug":"naira-hits-n502-1-at-parallel-market","status":"publish","type":"post","link":"https:\/\/mydailybells.com.ng\/businessbells\/naira-hits-n502-1-at-parallel-market\/","title":{"rendered":"Naira Hits N502\/$1 at Parallel Market"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\"><span style=\"font-size: 18pt;\"><strong>The naira, on Friday, fell at the parallel market to N502 to the dollar as speculations continue to hamper forex market operations<\/strong><\/span>.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">At the importer &amp; exporter (I&amp;E) window, it traded moderately to close at N411.12 per dollar.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">The local currency, which closed at N499 to a dollar on Thursday, lost N3 at midday trading Friday, according to data on abokiFX.com, a website that collates parallel rates in Lagos.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">It also depreciated against Pound and Euro, trading N710 and N608, respectively.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">Recently, the Central Bank of Nigeria (CBN) had made efforts to ease naira against other foreign currencies and unify the country\u2019s forex (FX) rates.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">In 2017, it introduced the I&amp;E window to improve foreign exchange market mechanisms, deepen market liquidity, and ensure prompt execution and settlement of all FX transactions.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">After its meeting on Tuesday, members of the Association of Bureau De Change Operators of Nigeria (ABCON) declared \u2018Operation No Street Trading\u201d to stop the hawking of foreign exchange.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">Aminu Gwadabe, ABCON president, said the market would return to normal as the ongoing speculative behaviour was hampering the market operations.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\">He also said all market participants would work together to lower the foreign currency rate.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; The naira, on Friday, fell at the parallel market to N502 to the dollar as speculations continue to hamper forex market operations. &nbsp; At the importer &amp; exporter (I&amp;E) window, it traded moderately to close at N411.12 per dollar. &nbsp; The local currency, which closed at N499 to a dollar on Thursday, lost N3 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1152,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[4],"tags":[688,687,267],"class_list":["post-1165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-n502-1","tag-naira","tag-parallel-market"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Naira Hits N502\/$1 at Parallel Market &#8212; Business Bells<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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