As banks reject dollars,Naira to rise further

The United States dollar will further fall against the naira at the parallel market this week as Deposit Money Banks continue to reject cash deposit of foreign currencies into customers’ domiciliary accounts.

The naira had appreciated against the dollar from 245 to 220 at the parallel market last week after banks started denying their customers opportunity to make cash deposits of dollar, pound and euro into their domiciliary accounts.

Foreign exchange dealers told NAN correspondent on Sunday that the naira would likely appreciate further against the dollar at the black market this week.