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Naira appreciates by N2 in the parallel exchange market

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Wsj
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Joined: Fri Apr 15, 2016 8:31 pm

Naira appreciates by N2 in the parallel exchange market

Unread postby Wsj » Wed Jun 14, 2017 10:13 am

In response to increased dollar supply, the Naira has appreciated from N366 to N364 per dollar in the parallel exchange market.

The Naira which had risen by N3 on Monday to exchange at N366 per dollar in the parallel market dropped to N364 per dollar at the close of business on Tuesday.


Market operators attributed the N2 appreciation to the inflow of dollars into the BDC segment.

It was gathered that the CBN sold $20,000 to each of the 3,145 BDCs across the country.


Meanwhile, the Central Bank of Nigeria (CBN) says that value of transactions in the Investors and Exporters window of the foreign exchange market has reached $2.2 billion.


Acting Director, Corporate Communication Department, CBN, Mr. Isaac Okoroafor disclosed this yesterday.


He said the volume of currency trading in the Investors’ & Exporters’ (I&E) FX Window had cumulatively hit heights of $2.2 billion since the CBN introduced it on Friday, April 21, 2017 to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions.


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