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Nigerian Naira Gains Against US Dollar After CBN Resumed Dollar Sales.

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The Nigeria Naira has gained against the US Dollars following CBN’s resumption on US Dollar Sales

On Thursday, Nigeria Naira strengthened against the dollar across foreign exchange markets after the Central Bank of Nigeria (CBN) resumed dollar sales for school fees and Small and Medium Enterprises (SMEs) on Wednesday.

Nigeria Naira gained N10 as one dollar was trading at N450 on Thursday as against N460 traded on Wednesday at the black market following dollar sales.

From the Diutocoinnews research, liquidity is growing but the dollar demand rate is low.

Read Also: CBN Quarterly Economic Report: Currency-in-circulation (CIC) Increases by 9.9 Percent to N2.2 Trillion.

The market data from Financial Markets Dealers Quotes—FMDQ shows that Naira opened with an indicative rate of N385/$. This represents N1.04 gain in the value of the Naira when compared with N386.04 per dollar opened on Wednesday.

CBN will resume foreign exchange sales to the Bureau De Change segment of the market for business travels, personal travels, and other retail uses, as soon as international flights resume.

The BDC have been on suspension from CBN since March 26, 2020 due to the Covid-19 lockdown.

Aminu Gwadabe, president of Association of Bureau De Change Operators of Nigeria (ABCON) recounts that BDCs will return as soon as the lockdown in the international airport is over.

Going further he said, “I therefore want our members and the General public not to engage on panic buying as anytime soon fingers might be burnt from such behaviours.”

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