Naira on Monday strengthened against the dollar by N3.30k as the exchange rate closed at N364/$ compared to N387.30 traded on Thursday last week at the Investors and Exporters (I&E) forex window.
The foreign exchange market opened on Monday with an indicative rate of N385.33k at the Investors and Exporters (I&E) forex window. This indicated that Naira lost 0.09 percent or N0.33k compared with N385 opened on Thursday last week.
Data from FMDQ showed that the foreign exchange daily turnover declined by 66.15 percent to $28.23 million on Monday from $83.41 million recorded on Thursday last week.
At the Bureau De Change (BDCs) segment of the FX market, Naira gained N35 as the dollar traded at N430 on Monday as against N465 traded on Thursday last week.
The Central Bank of Nigeria (CBN) 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.
However, the CBN on Wednesday last week resumed dollar sales for school fees and Small and Medium Enterprises (SMEs).
Nigeria’s currency on Monday strengthened against the dollar by N15 at the black market after the partial easing of lockdown by the Federal Government.
