The foreign exchange market on Monday opened and closed with Nigeria’s currency exchanging with the dollar at N475 on the black market, the same since Friday.
The foreign exchange market has been under pressure since March 2020 following a sharp drop in oil prices as a result of Covid-19 pandemic.
However, naira gained by 0.62 percent or N3 as the dollar traded at N477 on Monday compared with N480 traded since December 4, 2020 at the Bureau De Change (BDC) segment of the market.
Read also: Naira gains in parallel market on rising dollar availability
Over 5,000 BDCs funded their accounts on Monday in anticipation of dollar disbursement by the Central Bank of Nigeria (CBN) on Tuesday.
The CBN sells $10,000 twice weekly to DBCs and has sold over $1.0 billion to BDCs since September 2020, in a bid to inject more liquidity and ease demand pressures.
At the Investors and Exporters (I&E) forex market, Naira remained unchanged N394.00. Analysts at FSDH research said most participants maintained bids between N385.00 and N408.84 per dollar.
The daily marker foreign exchange turnover declined by 72.42 percent to $108.40 million on Monday from $392.99 million recorded on Friday.
