Naira Appreciates Further Against Dollar On Parallel Market

Naira Appreciates Further Against Dollar On Parallel Market

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.

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.

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.”


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