The foreign exchange market closed on Thursday with Nigeria’s currency strengthening by 0.41 percent to N476 per dollar from N478 on Wednesday on the black market.
Naira appreciation was attributed to improved supply of the greenback. Over 5,000 Bureau De Change (BDC) operators across the country received dollar disbursement from the Central Bank of Nigeria (CBN) on Thursday.
The CBN sells $10,000 twice a week to over 5,000 BDCs each and had sold over $1 billion since September 7, 2020, when it resumed dollar sales to BDCs.
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Consequently, Naira steadied at N480 to the dollar for the sixth time on Thursday at the BDC segment of the market.
The Investors and Exporters (I&E) forex window recorded increased transaction as the daily FX turnover rose significantly by 96.61 percent to $140.07 million on Thursday from $71 24 million recorded on Wednesday according to data from FMDQ.
After trading on Thursday at the I&E window, Naira appreciated further by 0.02 percent as the dollar was quoted at N394.60 as against the last close of N394.67 on Wednesday. Analysts at FSDH research said most participants maintained bids between N381.00 and N408.18 per dollar.
