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Naira strengthens by N2.00k as FX market resumes

Nigeria’s currency on Wednesday strengthened against the dollar as the foreign exchange market resumed after the two days of holiday declared by the Federal Government.

Naira gained N2.00k as the dollar was trading at N458 on Wednesday compared to N460 traded on Friday last week on the black market.

Traders attributed the Naira appreciation to availability of dollar and the plans by the Central Bank of Nigeria (CBN) to sell dollars to Bureau De Change (BDCs) next week.

The Apex bank on March 26, suspended foreign exchange sales to the Bureau De Change (BDC) operators until further notice due to the Covid-19 lockdown as requested by the operators. The suspension notwithstanding, some BDCs are still active in the market.

At the retail Bureau, Naira was unchanged as the dollar was sold at N462 on Friday last week.

The foreign exchange market opened with an indicative rate of N386.52k on Wednesday. This represents N1.09k gain from N387.61k opened on Friday last week at the Investors and Exporters (I&E) forex window, data from FMDQ revealed.

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