Naira’s Steady Rise Against Dollar Continues

The naira has continued its steady rise against the United States dollar in the parallel market. The local currency appreciated by N12 to close at N385 on Wednesday.

The appreciation is attributed to the $62 million supply to the Bureau de Change operators by the Central Bank of Nigeria, CBN.

Vanguard survey revealed that the CBN yesterday sold $20,000 to 3,170 BDCs, amounting to $62 million supply into the segment. As a result, the parallel market exchange rate dropped from average of N397 per dollar on Tuesday to N385 per dollar at the close of business on Wednesday.

Ademola Aderele

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