Home News Naira appreciates to N454/$
Naira appreciates to N454/$
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Naira appreciates to N454/$

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The naira yesterday appreciated against the dollar by N6  in the parallel market due to expectation of further intervention in the foreign exchange market by the Central bank of Nigeria (CBN).

A BDC operator who spoke to Vanguard on condition of anonymity said that market activities were  stagnant with an atmosphere of  suspense as BDCs are yet to receive  communication from the CBN  about  the amount of dollars that t would be sold to each of them BDC this week. The CBN sells $8000 per week to each BDC at N381 per dollar, mandating them to sell at N400 to end users. But last week, President of Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe announced that the apex bank will this week increase weekly dollar sale to $15,000 per BDC. Vanguard however gathered ABCON yesterday sent message to its members to address the apprehension over dollar sale from the CBN this week.

 

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