Naira Appreciates Against the Dollar, Now 420/$

The intervention by the Central Bank of Nigeria (CBN) in the Investors and Exporters window has helped the naira rebound to N420/$ at the parallel market.

As of Monday, August 31, the naira exchanged for N480 to the dollar at the parallel market but bounced back on Wednesday.

The CBN is also set to inject liquidity into the foreign exchange market by selling forex to licensed Bureau de Change operators, according to the bank’s Director of Corporate Communications, Isaac Okorafor.

Okorafor said the forex sale would be done on Mondays and Wednesdays, noting that the operators have been asked to make sure their bank accounts are well funded to enable smooth transactions.

He also warned the BDC operators against sharp practices, describing it as unpatriotic tendencies and enjoined them to comply with the laid down guidelines of the CBN or risk sanctioning.

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As airports across the country prepare to resume international flights, the CBN spokesman assured that those who would need foreign exchange for purposes of travel, educational fees and other reasons would be able to obtain it over the counter from their respective banks.