14 March, 2017

Naira Appreciate To N454 per Dollar

Naira yesterday rise up against the dollar by N6 in the parallel market due to expectation of further intervention in the foreign exchange market by the Central bank of Nigeria (CBN).

The exchange rate of naira dropped to N454 per dollar in parallel market at the close of business yesterday from N460 at the end of last week.

However CBN sells $8000 per week to each BDC at N381 per dollar, mandating them to sell at N400 to end users. But last week, President of Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe announced that the apex bank will this week increase weekly dollar sale to $15,000 per BDC.

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