Economy News

Naira Strengthens Against Dollar In Five Days

Aug 29, 2020: $1 to N471

Aug 30, 2020: $1 to N465

Aug 31, 2020: $1 to N450

Sept 1, 2020: $1 to N430

Sept 2, 2020: $1 to N420

The Naira has gained N51 in 5 days.

The naira has strengthened at the parallel market to N420 against the dollar after the Central Bank of Nigeria (CBN) announced that it would resume dollar sales to bureau de change operators.

Before the announcement, the naira had been trading as low as N480 against the dollar.

Upon resumption, the apex bank said BDCs must not exchange the naira at more than N386/$ to end-users.

The CBN said its decision to resume FX sales to BDCs is to enhance accessibility to forex “particularly to travellers” since the resumption date for international flights has been announced.

The CBN also said deposit money banks shall continue to sell forex for travel-related invisible transactions to customers and non-customers over the counter upon presentation of relevant travel documents, passport, air ticket and visa.

Adewunmi Faniran

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