Naira maintains strength against Dollar, Pound and Euro at parallel market

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– The Naira maintains its strengthen rate against the American Dollar at parallel market

– The Nigerian currency trades at N363, N502 and N444 against the Dollar, Pound Sterling and Euro respectively

The Nigerian Naira on Thursday, March 15, maintains it’s rate against the American Dollar which it traded at as at Wednesday, March 14.

According to findings, the local currency maintained the rate N363 per US dollar at the parallel market.

Meanwhile, the Central Bank of Nigeria (CBN) has issued the regulation for direct debit schemes in the country.

Naira maintains strength against Dollar at parallel market

Naira maintains strength against Dollar

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The regulation recognises the existing and emerging multichannel options (online platforms, instant payments,etc.) applied for direct debit instructions in Nigeria, This Day reports.

In the guidelines posted on its website on Wednesday, March 14, the CBN explained that the provisions of the regulation were harmonised with developments in the payments system since the release of the previous version.

Direct debit is a cash-less form of financial settlement which facilitates recurring payments. It permits the originator of the instruction, known as‘biller’ to collect amounts due from a payer through the Payer’s bank by leveraging an instruction or mandate provided by the payer.

Can 1 Naira ever become 1 US dollar again on the Forex market? – on TV.

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