Naira Appreciates Further Against Dollar On Parallel Market

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What Is The True Value Of The Naira?

The naira on Wednesday appreciated further by N12 against the US dollar in the parallel market.

It was gathered that the parallel market exchange rate appreciated from average of N397 per dollar on Tuesday to N385 per dollar at the close of business yesterday.

CBN Injects $280m Forex To SMEs, BDCs As Naira Gains

The development follows the $62 million dollar supplied to the Bureaux de Change segment by the Central Bank of Nigeria, CBN.

Nigeria’s apex bank had yesterday sold $20,000 to 3,170 BDCs, amounting to $62 million supply into the segment.

Speaking on the development to newsmen Managing Director/Chief Executive, H.J Trust BDC, Harrison Owoh pointed out that “the appreciation shows the importance of BDCs in the foreign exchange market.

“Everybody is happy about the appreciation, and we expect it to continue.”

Also speaking, President, Association of Bureaux De change Operators of Nigeria, ABCON, Alhaji Aminu Gwadabe disclosed that the increased supply of dollars to BDCs is rattling the market.

CBN Launches Form X For SMEs Requiring Basic FX Documentation

He said: “We have already funded our accounts to purchase another $20,000 from CBN before the end of the week. So we expect the rate to further go down.”

Datboyjerry

Datboyjerry

I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism. If you ever find my article unduly insipid, sue me and i’ll refund you...

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