Why The Naira is Fluctuating at the Parallel Market - CBN Official

               The Central Bank of Nigeria, CBN, has taken moves to improve the value of the naira at the parallel market, the News Agency of Nigeria reports. The naira in recent times naira changed for N400 to a dollar and had been fluctuating between N300 and N395 ever since. An official of the apex bank, who pleaded anonymity, attributed it to the mop-up operations of the CBN which had reduced excess liquidity of Naira in circulation and made it relatively scarce.

             There was also the decision by CBN to maintain the supply of foreign exchange for school fees and medicals which earlier speculated removal from inter-bank rate eligibility had caused panic.
Another reason is the rising cost and drop in demand for imported goods because a good number of Nigerians are beginning to switch consumption to local goods.These have had a significant fall in dollar demand,’’ the official said