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The Value of Naira Rises As Banks Reject Dollars

The naira continues to rise against the US dollar this week as Deposit Money Banks reject cash deposit of foreign currencies, The Punch reports.

The source notes that the Nigeria’s currency  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.

On Sunday, an anonymous forex trader stated: “We expect the naira to appreciate further this week at the parallel market. Banks have flooded the market with dollars and other foreign currencies. This is making the naira to appreciate. There is still a huge stock of dollars out there that the banks will be pushing into the parallel market this week.”

Alhaji Aminu Gwadabe who is the president of Bureau De Change Operators said that large amount of dollars in the market would make the naira to appreciate further at the parallel market this week.

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Last week, Nigerian banks announced that they would no longer collect cash deposits into domiciliary accounts.

Fidelity Bank Plc explained that the policy came from the Central Bank of Nigeria (CBN) and it was only a temporary measure to curb speculative activities.

Ladi Balogun, the CEO of First City Monument Bank also stated: “Banks no longer accept dollar cash due to large speculation on the currency. The lenders would continue to receive dollar transfers from other banks.”

Godwin Emefiele, the Central Bank of Nigeria (CBN) governor, announced that the naira was appropriately priced at its current level of 197 to the dollar on the interbank market.

Over the past year the naira lost about 15 % against the dollar with an official devaluation in November.

It also should be noted that after the CBN limited importers’ access to dollars in order to save the external reserves the currency had weakened on the parallel market, falling as low as 245.

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