April 6, 2017

Naira watch: Naira appreciates to N393/$



By Babajide Komolafe
The naira, Thursday, appreciated to N393 per dollar in the parallel market, even as the Central Bank of Nigeria (CBN) offered $100 million to banks for wholesale transactions.

Acting Director, Corporate Communication Department, CBN, Mr. Isaac Okoroafor confirmed this development, saying no interventions were made in the retail auction window for forex.

He, however, added that the CBN made special intervention of $10,000 to dealers in the Bureaux de Change (BDC) segment, yesterday.

According to him, the bank’s interventions in the different segments had ensured stability in the market and guaranteed availability to individuals and business concerns.

Vanguard  survey revealed that the parallel market exchange rate which rose to N395 per dollar on Wednesday dropped to N393 per dollar by the close of business, yesterday, indicating N2 appreciation for the naira.

Investigation revealed that the decline in parallel market exchange rate was due to anticipated inflow of $31 million into the bureaux de change segment tomorrow courtesy of the midweek intervention of the $10,000 per BDC by the CBN.