Oyetunji Abioye

The naira recorded slight gain on Tuesday and closed at 512 against the United States dollar on the parallel market, a day after the Central Bank of Nigeria introduced a new foreign exchange policy action.

The CBN had on Monday announced its decision to begin sale of $1m weekly to each of the country’s 21 commercial banks at a rate of 375 naira to clear a backlog of demand for retail users and try to narrow the premium between the official and black market rates.

The decision was announced hours after the naira tumbled to 520/dollar on the parallel market as
scarcity of the greenback continued to weigh on the exchange rate.

Source:- NairaUSD