Naira Appreciates Against Dollar In Parallel Market

 

The naira appreciated to N455 per dollar in the parallel market as the Central Bank of Nigeria, CBN, injected another $195 million into the foreign exchange market on Thursday.

The apex bank sold $100 million  in whole forwards, $70 million to meet demand for personal and business travel allowance and  $25 million to bureaux de change  President, Association of Bureaux De Change (ABCON), Alhaji Aminu Gwadabe, confirmed this development to Vanguard, saying  3,114 collected $8,000 each from the CBN yesterday. The dollar supply prompted the parallel market exchange rate to drop to N455 per dollar from N465 per dollar on Monday, indicating N10 appreciation.

Gwadabe expressed optimism that the naira will further appreciate in the coming week, based on expectation of increased dollar sales to BDCs by the CBN.  He disclosed that the apex bank in furtherance of its intervention in the foreign exchange market has decided to increase weekly dollar sales to each BDCs to $15,000 from $8,000.

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