Naira gains marginally as CBN goes after vendors of new notes | TrendyNewsReporters

Naira gains marginally as CBN goes after vendors of new notes

by ebor cletus ralph jr

On Tuesday, the Investors and Exporters window saw a little increase in the value of the Nigerian currency relative to the dollar.

According to FMDQ Securities, the exchange rate between the Naira and the dollar at the close of business was N436.25 to the dollar, an increase of 0.06 percent from the rate of N436.50 on Monday.
On Tuesday, the open indicative rate reached a high of N435.07 to the dollar.
Before it closed at N436.25, the exchange rate for the day’s trade reached a high of N437 to the dollar.


Naira appreciation coincides with a sharp increase in the amount of dollars accessible, which rose from $41.02 million on Tuesday to a total of 141.51 million dollars.

At the black market also, Naira recorded an appreciation closing at N705 to a dollar compared to the N707/$1 it exchanged a day earlier.

Meanwhile, officials of the Department of State Services, in conjunction with the Central Bank of Nigeria (CBN) and the Nigerian Security and Civil Defense Corps, have arrested 14 persons, including a lady, over the alleged illegal sale of new naira notes in Kano.

The State Commandant of the NSCDC, Adamu Zakari, disclosed this while parading the suspects at the NSCDC State Headquarters in Kano Tuesday evening.

He said the suspects were apprehended during a joint operation in the metropolis as part of efforts to check the illegal act, which contravened the CBN Act.

“The clamp down on the new naira vendors and sellers is hinged on the CBN Act, Section 20 to counterfeit, hawk, sell or otherwise trade the naira notes, coins or any other note issued by the bank,” he said.


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