The foreign exchange market is signaling an appreciation in the value of the Naira as it opened with the dollar trading at N387.50k on Thursday morning at the Investors and Exporters (I&E) forex window.
This indicates N0.18k gain when compared with N387.67k opened with on Wednesday, data from FMDQ revealed.
The price of Brent crude has risen to $39.32 per barrel as at today Thursday from as low as $20 per barrel in March 2020.
Naira weakens by N1.00k at the black market as the dollar was trading at N443 on Thursday as against N442 on Wednesday.
Investigation shows normal demand and supply playing out in the market with uncertainty about when the Central Bank of Nigeria (CBN) will resume dollar sales to the Bureau De Change (BDC) operators.
CBN said on April 29, 2020 that it had 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.
