NAIRA would appreciate like magic if CBN would set up a FOREX Monitoring Tax Force headed by Nuhu Ribadu or Stern Person that wouldn’t compromise bidding policies. Their jobs would be to retire all bidding with actual importation through sea ports and airports.
Sanction all erring banks that are involved in ROUND -TRIPPING through PADDED DOCUMENTS.
The Naira on Monday in Lagos appreciated marginally against the dollar at the parallel market, gaining N2, the News Agency of Nigeria reports.
The currency exchanged at N468 to the dollar as against N470 it traded on Friday.
The Pound Sterling and the Euro closed at N565 and 510, respectively.
At the interbank market, however, the naira depreciated against the dollar, eroding the gains of Friday in that segment. It shed N4.31 to close at N308.81from N304.50 posted on Friday.
Trading at the Bureau De Change, BDC, window showed that the currency closed at N385 to the dollar, while the Pound Sterling and the Euro traded at N564 and N504, respectively.