Naira maintains strength against Dollar at parallel market

Naira maintains strength against Dollar at parallel market

- The Naira stayed strong against Dollar at parallel market

- The local currency, however, appreciated against Pound and Euro

- The Naira closed at N362 to a Dollar, N435 to Euro while the Pound traded at N504

The Nigerian Naira on Monday, May 7, retained its strengthened rate at the parallel market against Dollar.

According to NAIJ.com findings, the local currency maintained the same rates of N362 against Dollar, but appreciated against Pound Euro.

Meanwhile shareholders have expressed mixed reactions to plans by the Central Bank of Nigeria (CBN) to sanction Chief Executive Officers (CEOs) of banks that fail to submit audited results of their banks after 12 months.

The shareholders expressed their view in separate interviews with the News Agency of Nigeria (NAN) in Lagos on Friday, May 4, while reacting to the apex bank’s Monetary, Credit, Foreign Trade and Exchange Policy released recently.

Naira maintains strength against Dollar at parallel market

Naira appreciates against Pound, Euro at parallel market

NAN reports that the Banks and Other Financial Institutions Act (BOFIA) require banks to publish their audited financial accounts not later than four months after the end of each financial year.

The CBN had in the Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for Fiscal Years 2018/2019 also directed banks to publish their audited financial statements not later than four months after the end of each financial year.

Can N1 ever become $1 again at Forex Market? Watch Nigerians respond to this question on NAIJ.com TV.

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Source: Naija.ng

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