Lagos, July 19, 2024 -The naira appreciated significantly at the official and unofficial segments of the foreign exchange market on Thursday.
At the official Nigerian Autonomous Foreign Exchange Market (NAFEM), the currency appreciated to N1566.92 against the dollar on Thursday from N1581.65 on Wednesday.
It also appreciated to N1,565 to the dollar on Thursday evening at the Bureau De Change from N1,615 per dollar on Wednesday.
Operators attributed the development to the renewed efforts of the Central Bank of Nigeria (CBN) to stop naira depreciation and move to a more realistic exchange rate.
The apex bank on Thursday announced the resumption of sale of dollar to Bureau de Change (BDC) operators. T
According to a circular signed by A.A Mahdi on behalf of the Ag. Director Trade and Exchange Department, the bank has “observed the continued distortions in the retail end of the market which is feeding into the Parallel market and further widening the exchange rate premium.”
Under the new guidelines, eligible BDCs will be allowed to purchase a maximum of $20,000 at a fixed rate of N1,450 to the dollar. This rate is pegged to the lower band of the previous day’s trading rate on the Nigerian Autonomous Foreign Exchange (NAFEM) window. (GBN)
