CBN policy push strengthens Naira to N1,150/$1 at parallel market

The value of the naira appreciated at the parallel market on Thursday, 11 April as the three-day public holiday was rounding up, selling around N1,150 to the dollar compared to N1,200 which it sold on Monday this week. The appreciation of the naira on the streets is being driven by the policies of the CBN which includes disbursing dollars to Bureau de Change (BDC) operators at the lower band of the previous trading at the Nigeria Autonomous Foreign Exchange Market (NAFEM). Traders note that the CBN policies coupled with a lower demand for the greenback and the prolonged holiday had seen an appreciation in the value of the naira on Thursday. The CBN had, on Monday, sold $10,000 to 1,588 eligible BDC Operators at N1,101/$1 to the dollar compared to N1,210/$1 which it sold to them during the previous sales. At the Nigerian Autonomous Foreign Exchange (NAFEM) window, the naira closed at N1230.61/$1 to the dollar on Monday, a gain from its previous close at N1,251.05/$1 on Friday reflecting a gain of N20.44. The daily turnover saw a decline reaching $125.55 million yesterday, in contrast to the $248.29 million recorded on Friday, indicating a decline of 49.43 per cent.