The naira, on Monday, recorded gains on the parallel market, also called the black market as the new foreign exchange (FX) rule by the Central Bank of Nigeria, CBN, commenced on Monday, July 1. On the black market, the naira was quoted at N1,497 compared to N1,520 quoted on Friday, data collated from street traders and some online data collating platforms indicated. ALSO READ: Sen Katung distributes 5000 bags of fertiliser to elders, women, vulnerableThe CBN last Wednesday announced the discontinuation of its Price Verification System (PVS) Portal, effective July 1, 2024. This decision comes in light of recent developments in the Nigerian foreign exchange market. Despite, the policy reforms by the apex bank, the Naira has continued fluctuations against the Dollar and other currencies in the foreign exchange market.

Source: Nigerian Tribune July 02, 2024 03:34 UTC