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The United States’ dollar will fall against the naira at the parallel market this week as banks across the country continue to reject cash deposits of foreign currencies into customers’ domiciliary accounts. The naira had appreciated against the dollar from 245 to 220 at the parallel market last week after banks started implementing the new rule, which they say is a directive from the Central Bank of Nigeria (CBN). Fidelity Bank Plc, in an email to customers, said the policy came from the Central Bank of Nigeria and it was only a temporary measure to curb speculative activities. Guaranty Trust Bank Plc also told customers about the development in an email statement. What are your thoughts on this new development? Share them in the comments section below.
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This article was first published on 4th August 2015

ejura

Ejura Salihu is an Anatomist, Writer and Editor. She is currently the Editor-in-chief for Connect Nigeria. You can contact her via email: ejurasalihu24@gmail.com or follow her on twitter @icyquin_msc

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