CBN targets N203 black market rate to Dollar next week

The Central Bank of Nigeria (CBN) is targeting a N200 to dollar exchange rate in the parallel market as early as next week, according to reports
The Naira which on Friday traded at N330 to a dollar in the parallel market is expected to appreciate speedily, as impact of the CBN’s measures to stabilize the currency volatility in the parallel market begin to materialize.
President, Association of Bureau De Change Operators of Nigeria (ABCON), said the N330 rate in the parallel market is an improvement from last week’s rate when the naira exchanged for N391 to dollar.
The strident calls by the International Monetary Fund (IMF) and some foreign interest for Nigeria to devalue its currency and the artificial spike in forex rate created by Bureau De Change operators appears to have tanked. This has been linked to a complex and integrated currency management approaches deployed by the CBN.