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Naira rises as banks reject dollars

03 August 2015, 16:11

Abuja - Following the rejection of cash deposit of foreign currencies into customers’ domiciliary accounts by Deposit Money Banks, the dollar is set to decline further more, Punch reports.

Foreign exchange dealers said that the naira would likely appreciate further against the dollar at the black market this week.

The naira had appreciated against the dollar from 245 to 220 at the parallel market last week after banks started denying their customers opportunity to make cash deposits of dollar, pound and euro into their domiciliary accounts.

The Acting President, Association of Bureau De Change Operators, Aminu Gwadabe, also noted that large amount of dollars in the market would make the naira to appreciate further at the parallel market this week.

Also read: Naira appreciates at interbank market

Banks had last week told customers that they would no longer collect cash deposits into domiciliary accounts.

The Governor, Central Bank of Nigeria, Godwin Emefiele, had two weeks ago said the naira was “appropriately priced” at its current level of 197 to the dollar on the interbank market.

The local currency has lost around 15 per cent against the dollar over the past year, with an official devaluation in November and a de facto one in February.

Read more at Punch

- News 24

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