Naira Appreciates to N440 in Parallel Market as Speculators Sell

The Nigerian currency the Naira has appreciated to N440 per dollar in the parallel or black market as speculators hoarding dollars sold ahead of a resumption of Central Bank of Nigeria (CBN) liquidity injection into Bureau De Changes (BDC’s).

The CBN will begin to sell a minimum of $10,000 twice a week per BDC from next Monday September 7, 2020.

There are about 5,000 BDC operators across the country registered with the CBN.

The naira (NGN) has appreciated against the dollar (USD) by about N37 since Friday 28^th August 2020, according to data from Aboki FX.