The Nigerian currency, Naira, yesterday reversed its two weeks depreciation trend in the parallel market, recording N20 gain against the United States Dollar closing at N470 per dollar.

The new CBN rule which allowed beneficiaries of diaspora remittances and foreign exchange transfers into domiciliary account, to collect the proceed in foreign currency cash, halted the dwindling fortunes of the local currency.

According to The Vanguard, the rule was introduced by the CBN on Monday November 30th and has resulted that the Naira gained N20 against the dollar as the parallel market exchange rate dropped to N470 per dollar from N500 per dollar on Monday.

The Naira had earlier depreciated by N30 against the dollar, as the parallel market exchange inched closer to N500 per dollar on Monday November 30th from N470 per dollar on Friday November 20th 2020.

This trend continued yesterday morning, howbeit on a larger scale, as the parallel market exchange rate further dropped to N470 per dollar from N490 per dollar previous day, translating to...SEE MORE HERE