Naira gains N10 as CBN sells dollars to BDCs next week
By Nigeria’s currency on Monday gained N10 as the dollar was trading at N470 compared to N480 traded in the previous week on the black market.
The Naira appreciation followed the plan by the Central Bank of Nigeria (CBN) to resume dollar sales to the Bureau De Change (BDC) operators next week.
The CBN on Thursday informed the general public that gradual sales of foreign exchange to licensed BDC operators will commence with effect from September 7, 2010.
Traders told BusinessDay that currency hoarders are now bringing out the dollars as the news of CBN’s dollar sales next week spread.
The local currency also signalled appreciation by N0.43k as the foreign exchange market opened with an indicative rate of N386.50k on Monday from N386.93k opened with on Friday last week at the Investors and Exporters (I&E) forex window, data from FMDQ showed.
At the I&E FX window, relatively lower volume passed through the market, due to tightened system liquidity. Naira appreciated marginally by 0.02 percent as the dollar was quoted at N385.67 on Friday as against the last close of N385.75 per dollar. Analysts at FSDH said most participants maintained bids between N380.00 and N393.05 per dollar.
Naira also firmed against the dollar at the retail bureau where it was trading at N470, representing a gain of N8.00k when compared with N478 traded last 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.