Nigeria’s currency on Friday strengthened after the Independence holiday by N1.00k as the dollar was traded at N462 on Friday as against N463 on Wednesday.
The naira appreciation was a combination of low demand by end user and dollar supply to the Bureau De Change (BDC) operators by the Central Bank of Nigeria (CBN) on Friday.
Naira remained stable as the dollar was traded at N465 at the Bureau De Change segment of the foreign exchange market.
The 5,000 BDCs who funded their accounts on Wednesday receive disbursement on Friday after the holiday.
At the Investors and Exporters (I&E) forex window, Naira appreciated by 0.05 percent as the dollar was quoted at N385.80 against the last close of N386.00. Analysts at FSDH research said most participants maintained bids between N380.00 and N386.00 per dollar. The CBN is still committed to its weekly FX sales to BDCs, which is expected to inject more liquidity to the FX market’s retail segment.
