Ahead of business reopening on Monday as the Central Bank of Nigeria(CBN) is set to resume forex sales after a long pause due to the imminent lockdown necessitated by the COVID-19 pandemic, Naira seems to be gaining momentum again with an uptrend in value since the beginning of the week.
The Naira earlier appreciated against the Dollar on Monday having stagnated at N477 for some days, it was exchanged at 465 to the dollar representing a N12 gain over the closing rate of the previous session in the parallel market. On Tuesday Dollar dropped to N440 on the black market, it further dropped yesterday to N430 as BDCs fund account ahead of central bank allocation. It is also important to mention that BDCs also as at yesterday requested that CBN reviews the advised exchanged rate of N386 per dollar to charge end users; says profit margin to small.
This is the highest level of appreciation the Bureaux De Exchange(BDCs) division of the Forex Market has seen since April which is quite disturbing for forex speculators in the country, who had taken control of the market in the past weeks, deciding the value of Naira against the dollar.
However, the Naira/Dollar exchange rate at the interbank window which has been quite stable for a while remained at N379/$1 on Tuesday.
