Naira pushes up, now N365/$

June 30, 2017

The naira yesterday appreciated to N365 per dollar in the parallel market in response to boost in dollar supply.

The Central Bank of Nigeria (CBN) yesterday sold $20,000 to each of the 3,145 bureaux de change (BDCs) in continuation of its bi-weekly dollar sales to the BDC segment.

This prompted the parallel market exchange rate to fall to N365 per dollar at the close of business yesterday, down from N369 on Tuesday, translating to N4 appreciation for the naira. The Naira also appreciated by 67 kobo at the Nigeria Autonomous Foreign Exchange (NAFEX) window yesterday as NAFEX rate dropped to N368 per dollar at the close of business yesterday from N368.67 per dollar on Tuesday.

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