The foreign exchange market closed on Friday with Naira losing N1 in value against the dollar which was sold at N445 compared to N444 traded on Thursday on the black market.
The reason for the depreciation was a little increase in the demand for the dollar.
Earlier in the morning the dollar traded at N444 before weakening to the current rate. At Aboki FX dollar traded at N450.
Similarly, Naira lost N1 to the dollar at the retail Bureau after it was sold at N450 on Friday as against N449 sold in morning of the same day.
At the Investors and Exporters (I&E) forex window Naira strengthened by N0.20k as the dollar was quoted at N386.50k on Friday from N386.70k that was quoted on Thursday. Against the morning rate, Naira appreciated by N1.25k.
The market opened with an indicative rate of N387.75k, which showed N0.25k loss to the value of Naira when compared to N387.50k that was opened on Thursday.
CBN said on April 29, 2020 that it has made complete arrangements to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels, and other designated retail uses, as soon as international flights resume.
On the same day, the Apex bank resumed dollar sales for school fees and Small and Medium Enterprises (SMEs) and directed users to access FX from the banks.
