Naira “Resurrect” As CBN Resumes Forex Sales To BDCs

Naira “Resurrect” As CBN Resumes Forex Sales To BDCs

The Naira on Monday recorded a gain as it was exchanged at N465 to a dollar at the parallel market in Lagos.

This was after the Central Bank of Nigeria (CBN) announced that it would resume the gradual sale of foreign exchange to licensed Bureau De Change operators.

According to data obtained from Abokifx, a forex tracking website, the increase represents a N12 gain when compared to the N477/$1 that it traded on Friday, August 28.

The Pound Sterling and the Euro also exchanged for N595 and N540 respectively.

The Naira, however, traded at N385.67 to a dollar at the investor’s window.

The market turnover at the window stood at $14.37 million on Monday, August 31, 2020.

Earlier, the CBN had collapsed the multiple exchange rate policy that determined the value of the naira.

The apex bank adopted a uniform exchange rate for the official rate, bureau de change operators, importers, and exporters, among others.