Nigeria’s currency on Thursday appreciated further by N5 as the dollar was trading at N450 on Thursday as against N455 traded on Wednesday at the black market.
The Naira appreciation is as a result of low demand amid reports of the Central Bank of Nigeria (CBN) plans to resume dollar sales to Bureau De Change (BDCs).
The CBN April 29, 2020 resumed dollar sales for school fees and Small and Medium Enterprises (SMEs).
Also the regulator 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.
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 not withstanding, some BDCs are still active in the market.
Naira strengthened by N7 as the dollar was sold at N453 on Thursday compared to N460 traded on Wednesday at the retail Bureau.
However, the foreign exchange market opened with an indicative rate of N387.60k on Thursday morning. This represents a loss of N1.08k when compared with N386.52k opened with on Wednesday, data from FMDQ showed.
The foreign exchange daily turnover increased by 6.81 percent to $31.38 million on Wednesday from $29.38million on Friday last week.
The Governor, Central Bank of Nigeria (CBN), on May 10, 2020 assured investors of the security of their investments in the country despite dwindling revenue from the sale of crude oil globally.
Godwin Emefiele, governor of the CBN, said investors interested in repatriating their funds from the country were guaranteed to get their money.
