Acting President, Yemi Osinbajo, in a bid to reverse the downward slump of the Naira against the Dollar, has ordered the Central Bank Of Nigeria, CBN, to harmonize the forex market, ‎in a bid to have an organized official exchange rate platform, for prospective buyers.

The development, is coming at a time the CBN had been accused of having over five different windows, where ‎customers  source for  forex which according to financial analysts, was responsible for the massive devaluation of the nation’s local currency.

As at yesterday, Monday, January 30, ‎the naira exchanged at N498 as against N512 exchanged to a dollar few days ago in the black market.

According to ‎Foreign exchange traders, the development is as a result of ‎to relative scarcity of forex at the greenback market, as CBN is trying to harmonize the market in a bid to strengthen the naira.

In the official market, the local currency closed at N305/dollar, the level it has traded since August last year.

‎Meanwhile, the naira is expected to remain at N498/dollar at the parallel market (black market), as the CBN continues sales of the greenback, to Bureau De Change, BDC operators.‎

‎”Confidence is gradually returning to the forex market as a result of improved foreign exchange reserves, dollar sales by international money transfer agents and the central bank assurance it will continue to support the local currency,” a trader told Reuters.‎ 

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