The naira yesterday appreciated against the dollar by N6 in the parallel market due to expectation of further intervention in the foreign exchange market by the Central bank of Nigeria (CBN).
Our investigation reveals 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 Hitz 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 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.
We however gathered ABCON yesterday sent message to its members to address the apprehension over dollar sale from the CBN this week. Confirming this to Vanguard, ABCON President, Gwadabe said:
“It is true that the CBN is yet to communicate the amount they will sell to each BDC this week, but we are sure they will do so before the weekly cut off time of 12noon tomorrow. We have told our members not to panic and engage in speculation.”