The market reacted positively on Thursday to the recent reforms by the Central Bank of Nigeria (CBN), with the Naira appreciating by 13.3 per cent on the parallel market to close at N1,350 to the Dollar compared to N1,530/$ on Wednesday.
It will be recalled that the CBN gave a deadline of February 1, 2024 to all commercial banks to sell their excess foreign exchange holdings.
Inline with the reform to control the persistent fall of the Naira against the Dollar, all deposit money banks on Thursday made frantic efforts to offload their excess dollar stock or face the wrath of the CBN.
Many others processed several foreign exchange request forms for customers as they sold more dollars out to them. So we can say that the increased level of forex activities at the official foreign exchange market also led to a corresponding increase in the value of the naira in the parallel market.
