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Naira strengthens against dollar on black market

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Nigeria’s currency on Wednesday appreciated against the dollar by N1.00k on the black market. The market closed at an exchange rate of N457 per dollar compared to N458 closed on Tuesday.

Investigation showed that the naira appreciation was as a result of activities of speculators who acted on a rumour that the Central Bank of Nigeria (CBN) was planning to pump dollar in the market.

A call to the CBN’s communication department shows that there was no such plan. At the retail bureau, naira also gained N1.00k as the dollar was sold at N459 on Wednesday from N460 sold on the previous day.

The reopening of the aviation industry has been put on hold by the Federal Government. The Federal Government on June 1, 2020 announced that airlines would resume operations on June 21.

The 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.

The CBN on April 29, 2020 resumed dollar sales for school fees and Small and Medium Enterprises (SMEs).

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.

The foreign exchange daily turnover at the Investors and Exporters (I&E) forex window increased by 0.88 percent to $90.88 million on Wednesday from $90.09 million on Tuesday according to data obtained from the FMDQ.

At the market, naira weakened by N0.54k as the dollar was quoted at N387.17k on Wednesday compared with N386.63k quoted on Wednesday.

Godwin Emefiele, governor of the 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.

Emefiele, said investors interested in repatriating their funds from the country were guaranteed to get their money.

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