Naira Appreciates To ₦1,060 Against US Dollar In Parallel Market

The Naira strengthened to ₦1,060 per dollar in the parallel market yesterday, up from ₦1,105 per dollar the day before.

On the other hand, the Naira reportedly weakened in the Nigerian Foreign Exchange Market (NAFEM) to ₦1,154.08 per dollar.

According to data from FMDQ, the indicative exchange rate for NAFEM increased to ₦1,154.08 per dollar from ₦1,072.74 per dollar it traded on Wednesday, resulting in a depreciation of ₦81.34 for the naira.

As a result, the gap between the parallel market and NAFEM rates widened to ₦94.08 per dollar from ₦32.26 per dollar on Wednesday.

Meanwhile, the Central Bank of Nigeria (CBN) has denied selling Foreign Exchange (FX) to Bureau De Change (BDC) operators at the rate of N1,001/$1.

Naija News recalls that on April 8, the apex bank announced it sold FX to BDC operators at the rate of N1,101/$.

In a post via its official X handle on Thursday, the CBN said a circular claiming the apex bank announced the sale of $10,000 to BDCs at the rate of $1001/$1 was “fake”.

According to the apex bank, the BDCs are required to sell to eligible end users with a margin of no more than 1.5 per cent above the buying cost.

The CBN, therefore, urged Nigerians to always refer to its website for authentic information.

The circular reads: “We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1001/$1.

“The BDCs are in turn to sell to eligible end users at a spread of NOT MORE THAN 1.5 percent above the purchase price.

“ALL eligible BDCs are therefore directed to commence payment of the Naira deposit to the underlisted CBN Naira Deposit Account Numbers from today Monday, April 17, 2024, and submit confirmation of payment with other necessary documentation for disbursement at the appropriate CBN branches.”

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