Naira Exchanges For 503 Per Dollar at Parallel Market

Category: Business News

The naira exchanged to the dollar at 503 at the parallel market on Friday according to the Bureau de Change operators.

Figures obtained from naijbdcs.com, the official website for the licensed BDCs by the Central Bank of Nigeria showed that the naira was bought and sold for 502 and 503.5.

At the Investors & Exporter forex window, the naira hit a high of 412.25 but closed at 411.50.

On the CBN’s website, the banking regulator maintained the official rate of the naira to the dollar at 410.18/$.

The CBN had earlier said that it was increasing foreign exchange allocated to banks to meet legitimate needs.

It also assured that the BDCs would continue to have their weekly allocations.