Naira Appreciates Against Dollar | Independent Newspapers Limited
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Naira Appreciates Against Dollar

Posted: Aug 6, 2015 at 11:37 am   /   by   /   comments (0)

Nigeria’s currency, the Naira, Wednesday, August 5, 2015, appreciated against the U.S. dollar in the parallel market.

The Naira exchanged at the rate of N215 to one dollar, thereby appreciating by N16 from Tuesday when N231 exchanged to a dollar in Lagos and Kano, but N230 to a dollar in Abuja.

The development is attributed to the intervention of the Central Bank of Nigeria (CBN) in the foreign exchange market.

The CBN had on Friday issued a circular directing sale of additional $30,000 to all licensed Bureaux de Change (BDCs) in the country.

Naira had exchanged for as high as N235 to a dollar, but a parallel market source noted that the news of the CBN circular caused companies to quickly sell off their dollars leading to increase in supply of dollars to the market. The thus crashed the exchange rate.