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Tuesday, June 6, 2023

Naira Appreciates by N12 as Speculators Lose on CBN Dollar Sales  

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The Nigerian Naira appreciated by over N12 per dollar on Monday as speculators who were long the greenback lost as the Central Bank of Nigeria (CBN) prepares to resume dollar sales to Bureau De Change operators.

One U.S dollar which sold for N477 on Friday 28 August 2020, appreciated to N465 as at today Monday 30th, according to data from Aboki FX , a Nigerian website that aggregates data on FX rates from street vendors

The CBN had stopped selling dollars to BDC operators in March after the imposition of lockdowns in Nigeria’s 2 largest cities as well as the closure of the international airports.

The CBN last week, informed the general public that gradual sales of foreign exchange to licensed BDC operators will commence with effect from September 7, 2010.

Consequently, the CBN also in a circular signed by Ozoemena Nnaji, director, trade and exchange department, announced the applicable exchange rate for the disbursement of International Monetary Transfer Operators (IMTOs) proceeds as follows: IMTOs to sell to banks at N382 per dollar, banks to CBN at N383 per dollar, CBN to BDCs at N384 per dollar, and BDCs to end-users at not more than N386 per dollar.

Investment firm United Capital said in a note last month that the Naira will see more volatility and speculative attacks in the coming months.


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