Naira weakens by N2.00k on black market

The foreign exchange market opened on Monday with the Naira weakening by N2.00k as the dollar was trading at N450 as against N448 on Friday last week on the black market.

One of the traders said there was a little increase in the demand for the greenback by the end users.

The local currency is expected to regain its value against the dollar in the coming weeks in anticipation of dollar sales to Bureau De Change (BDC) operators by the Central Bank of Nigeria (CBN).

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The CBN said on April 29, 2020 that it had made complete arrangements to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels, and other designated retail uses, as soon as international flights resume.

The Federal Government on June 1, 2020 announced that airlines would resume operations on June 21.

The Apex bank on April 29 2020, resumed dollar sales for school fees and Small and Medium Enterprises (SMEs) and directed users to access FX from the banks.

FX market at the Investors and Exporters (I&E) forex window opened with an indicative rate of N387.46k on Monday morning from N387.50k opened with on Thursday.

This represents a marginal appreciation of N0.04k to Nigeria’s currency according to the data obtained from the FMDQ.