Naira Appreciates To 460 At Parallel Market

 

Nigerian naira on Monday appreciated by 1.09 per cent to close at 460 from 465 to a dollar at the parallel market.

The currency also depreciated against Pound sterling to 560 but remained stable against the Euro to close at 480 at the black market segment.

At the official market, the currency dropped 0.08 per cent to 305.50 per dollar. 

The Central Bank of Nigeria (CBN) has directed Money Deposit Banks to henceforth process and meet the demand for dollars and other foreign currencies within 48 hours.

In a circular made available to journalists, on Sunday in Abuja, the Director, Financial Markets Department, CBN, Dr Alvan Ikoku said the order would further make foreign currencies readily available to end users.

Ikoku said that banks have been directed to process and meet the demand for personal and business travelling allowances by customers within 24 hours of application.

For school fees and medical bills, the apex bank said that the commercial banks were to meet demand within 48 hours.