THE Nigerian Naira reportedly appreciated on Monday against the US dollar on the parallel market due to the expectation of Central Bank of Nigeria (CBN) anticipated intervention in the foreign exchange market, VANGUARD reports.
Vanguard further reports that the parallel market exchange rate dropped to N454 per dollar at the close of business yesterday from N460 at the end of last week.
A BDC operator who spoke to newsmen on condition of anonymity said that market activities were stagnant with an atmosphere of suspense as BDCs are yet to receive communication from the CBN about the amount of dollars that t would be sold to each of them BDC this week.
The 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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