The naira appreciated against the United States dollar at the parallel market on Monday to 217, from 221 recorded on Friday.
Forex traders linked this to an improved dollar liquidity occasioned by the sustained sales of the
greenback by the Central Bank of Nigeria.
Traders said bank customers were no longer willing to hold dollars after the central bank banned dollar cash deposits into domiciliary accounts.
“We expect to see more rallies in the market if the central bank could sustain its support for the naira,” Harrison Owoh, a bureau de change operator said,
Reuters reported.
