Naira Appreciates Against Dollars At Parallel Market On Planned CBN’s Intervention

The naira strengthened to N435 to a dollar at the parallel market yesterday as against about N480 to a dollar it had been trading in the past days, showing a gain of N45, representing about 9.3 per cent rise.

Currency dealers attributed the development to the planned resumption of forex sales by the Central Bank of Nigeria (CBN) to operators of Bureau De Change (BDC), which according to them is expected to bolster dollar liquidity in the market.

The Apex bank had announced its intention to resume forex sales to the retail segment of the market, but was forced to postpone it because of the extension of the date for resumption of international flights to September 5.

The President, Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, speaking to newsmen yesterday, said the announcement of the plan to resume forex sales to the currency dealers was the major factor that led to the gain recorded by the nation’s currency against the greenback.

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