Naira stable as black market operators resume business

Nigeria’s currency remained stable at N461 to the dollar on Monday as some black market operators resume business after some State governments reviewed the curfew time declared to curtail the #EndSARS crisis.

Naira was also stable as the dollar traded at N460 at the Bureau De Change (BDC) segment of the foreign exchange market.

The BDC operators have funded their accounts on Monday, expecting to receive dollar allocation from the Central Bank of Nigeria (CBN) on Tuesday.

The Apex bank sells $10,000 to BDCs twice a week and has sold over $500 million to over 5,000 operators across the country.

The local currency has relatively remained stable at the Investors and Exporters (I&E) forex window due sustained intervention by the CBN.

At the I&E FX market, Naira remained stable at N386.00 per dollar on Monday. Analysts at FSDH research said most participants maintained bids between N380.00 and N393.11 per dollar.

Nigeria’s FX reserves increased by $1.77 million week-on-week to $35.67 billion, as inflows offset outflows for CBN’s interventions across the various FX windows.