Following the news of next Monetary Policy (MPC) meeting, Central Bank of Nigeria (CBN) and after increasing Monetary Policy Rate (MPR) by 22.7%, Naira appreciates to 1400 per Dollar against the United States of America (USA) in the Parallel market
This was confirmed by Nairametrics earlier this evening that checks has been gaining substantially as speculators dump dollars.
Mr Shabash, a forex trader told Africa Health Report (AHR) that as of yesterday that Naira has fallen around N1480 to N1500 per Dollar depending on the quantity being purchased and this favours buyers especially
Apex bank noted that there has been consequential forex inflow in the past month as remittances from Nigeria’s diaspora reached $1.3 billion in February from just $300 million received in the preceding month marking a fourfold increase.
