CBN PLANNING TO MAKE NAIRA APPRECIATE TO 200NAIRA/$ IN THE PARALLEL MARKET

The Central Bank of Nigeria is targeting a N200 to dollar exchange rate on the black market, Vanguard reports.

The aim of CBN is to ensure that the divergence between the official and parallel rate does not exceed N3, so we are looking at a parallel market rate of N200/$ because the downward trend in the pressure on the naira will be sustained,"

Someone familiar with the matter said.“The CBN has the capacity to sustain the downward pressure and will deploy further currency management initiatives, while capitalising on fiscal policies of the federal government to remain in support of non-devaluation of the Naira.

The current stand of the federal government on Nigeria’s legal tender is Non-Devaluation. It will be unwise for anybody to be hoarding dollars because we can assure you that naira appreciation is going to trend upwards going forward.” he added.