• Tuesday, February 27, 2024
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Naira firms on parallel market as CBN sells dollars


Nigeria’s central bank sold $80 million to bureaux de change (BDC) operators on Wednesday, at N197, helping the local currency strengthen on the parallel market, the president of the association of forex dealers, said.

The naira was quoted at N221 on the parallel market, up 1.36 percent on the day, after dollar liquidity rose, traders said.

On the inter-bank market, the naira ended at the bank’s pegged rate of N197/$.

Aminu Gwadabe, president of Nigeria’s bureaux de change association, told Reuters that the central bank had started to sell dollars twice weekly to BDCs since last week.