Naira stays unchanged at N395/$1 at parallel market

This would leave Naira’s black market value
unchanged since it regained strength from
an unbelievable N400/$1 rate it was at the
end of last week.

According to currency traders and
economists, the local currency inconsistency
in the black market has been triggered by
increased scarcity of the greenback.
However, there are reports that the naira is
on the path to recovery as banks were set to
sell Forex to Bureau De Change Operators
(BDCs).

According to a Bureau de change source
who spoke to FLEX GROUP, licensed members
in the parallel market had received signals
from banks to fund their accounts in
readiness for the sale.