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Naira gains over dollar on Wednesday after new CBN diaspora remittance policy
New CBN remittance policy could be cutting loses for the naira at the parallel market after a minimal gain against the dollar on Wednesday.
The Naira appreciated from its Tuesday rate, N490/$1 to N485/$1 on Wednesday and small changes similar to this, is observed from time to time.
However, the CBN is also looking to a more permanent naira appreciation with the new remittance policy.
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More so, the apex bank also has improving liquidity, closing the disparity between the black and official markets in scope.
Hence the amended procedure for the receipt of diaspora remittance which will see deposit money banks pay beneficiaries in foreign currency.
Volatility appears to have grown despite the CBN intervention with over $1 billion sold to Bureau De Change operators in the last three months.
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Low oil prices, forex demand excesses and lesser inflow of foreign capital which also affects dollar supply are liable for that.
At the NAFEX window, the naira depreciated against the dollar to close at N395/$1 on Wednesday.
Forex turnover at the Investor and Exporters (I&E) window dropped from $168.57mn to $57.97mn on Tuesday, FMDQ site shows.
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