hehehehe.......The
new Forex policy by the Federal Government is yielding results as the
naira continues to appreciate against other currencies.
naira notes
The Nigerian naira has continued to make impressive progress
against the dollars as it exchanged N455/$1 at the parallel market on
Friday. This is coming after the Central Bank of Nigeria sold $150
million to authorized foreign exchange dealers on Wednesday and also
offered $100 million at the interbank market on Thursday.
The naira had exchanged N456 to the dollar to N455 yesterday at the
parallel market as the apex bank cleared the BDCs for a $25 million
auction to be sold by international money transfer firm Travelex to BDC
operators at N381 naira per dollar cutting back demand for the
greenback.
CBN’s acting director, Corporate Communication, Isaac Okoroafor
confirmed that the apex bank on Wednesday sold a total of $150 million
to authorized FOREX dealers in the interbank at the highest bid rate
of N335 per dollar and a marginal rate of N320 to the greenback.
Okorafor said the highest rate of N335 was the same as the last
auction rate of March 8, 2017, adding that there was a change in the
marginal rate from N315 per dollar during the last auction to
Wednesday’s marginal rate of N320.
The CBN spokesman expressed confidence that the pressure faced by
both small and big-end users will be totally overcome soon as the bank
works towards meeting demand.
It will be recalled that the CBN, in the past few weeks, has been
making offers and releases to the inter-bank foreign exchange market in
its bid to sustain forex rule supply to different categories of users.
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