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Nigeria’s naira gains 1.35% at official market to N181/$

By on August 28, 2020 0 149 Views

Nigeria’s naira currency appreciated by 1.3 percent against the dollar on the official market on Friday, after the Central Bank of Nigeria (CBN) said it will resume dollar sales to the Bureau de change operators from September 7, 2020.
The naira opened for trade at 385.50 per dollar on the official market and later recovered to close at 381 per dollar, where it has been stuck since July, the news agency data platform showed.

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The regulatory bank on Thursday announced the resumption of dollar sales to the dollar retail outlets effective from September 7, 2020.
This was coming against the backdrop of the resumption of international flights from September 5, as announced by the federal government same day.

The CBN announcement also contains the new approved rate for dollar sales to bureau de change at N384 to the dollar from the International Money Transfer Operators (IMTOs).
The CBN has devalued the local currency twice this year, the first was in March when it moved the rate to N360 to the dollar from N307 per dollar previously and again in July, the regulatory bank devalued the currency to N380 to the dollar.

It was not clear whether the opening trade of 385.50 naira per dollar was carried out by the central bank. Bank officials were not immediately available for comment.
With the early deal, the naira traded close to the over-the-counter spot market, widely quoted by investors and importers. But it was still 20% weaker on the unofficial black market patronised mostly by individuals at 477 naira.
The naira forward traded in London for the one-year settlement rose 3.64% to 478 on Friday.

READ ALSO: CBN Appoints Consultant To Sell Dollar To BDCs Effective From Sept 7

-With Reuters

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