July 21, 2024
Naira gains at black market
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Naira gains at black market

The naira recorded gains on the parallel market on Monday as the new foreign exchange, FX, rule by the Central Bank of Nigeria, CBN, commenced on Monday, July 1.

According to data collated from street traders and some online data collating platforms on the black market, the naira gained 0.66 percent, as the dollar was quoted at N1,510 compared to N1,520 quoted on Friday.

The CBN last Wednesday announced the discontinuation of its Price Verification System, PVS, Portal, effective Monday July 1st, following recent developments in the Nigerian foreign exchange market.

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With this new directive, all applications for Form ‘M’ will now be validated without the need for a price verification report generated from the PVS portal. A circular issued by W.J. Kanya, the CBN’s Acting Director Trade & Exchange Department, explicitly states that the price verification report is no longer a requirement for completing a Form ‘M’.