Naira Strengthens Against The Dollar In The Forex Market

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Following interventions made by the Central Bank Of Nigeria in the Investors and Exporters window on Wednesday, the naira exchanged to the dollar at the parallel market at N420/1$. As of Monday prior to CBN’s intervention, the naira exchange was N480/1$, prompting fears that the Naira was falling. The CBN announced through the Director, Corporate Communications Department, Mr. Isaac Okorafor that the CBN had decided to inject liquidity into the foreign exchange market.

The announcement was disclosed in a statement entitled, “Forex: Speculators set to count their loss”.

Furthermore, Mr. Okorafor disclosed the CBN will also resume the sale of foreign exchange to licensed Bureau de Change (BDC) operators from September 7.

He said it would be gradual and done twice a week, Mondays and Wednesdays. He, therefore, urged the BDC operators to ensure that their accounts with their banks are properly funded to guarantee seamless transactions.

He also urged registered BDC operators to be patriotic and comply with CBN directives because the bank would sanction any erring dealer.