The Nigerian currency appreciated further after trading on Wednesday as the dollar traded at N455 on the black market.
Naira gained N5.00k when compared with N460 per dollar exchanged on Friday last week. Against the rate of N458 per dollar exchanged on Wednesday morning, the local currency gained N3.00k/$.
Traders attributed the Naira appreciation to availability of dollar and the plans by the Central Bank of Nigeria (CBN) to sell dollar 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 segment of the foreign exchange market, Naira strengthened by N2.00k as the dollar was sold at N460 on Wednesday as against N462 sold on Friday last week.
The cost of dollar was stable at N385.94k at the Investors and Exporters (I&E) forex window, according to the data from FMDQ.
The foreign exchange daily turnover increased by 6.81 percent to $31.38 million on Wednesday from $29.38 million on Friday last week.
