The Naira firmed up at the Bureau de Change segment on Thursday, trading at between N376 and N378 to the United States Dollar in Lagos, Abuja and Kano, following interventions by the Central Bank of Nigeria.
A market survey revealed that the Naira, which sold at over N405 to $1 as Monday, recorded a boost.
There were indications that the appreciation of the Naira was as a result of policy actions of the CBN to inject more foreign exchange into the financial system, specifically targeting critical sectors in addition to special interventions in the areas of SMEs and BDCs.
According to a source at the apex Bank, the Naira is expected to appreciate further when the BDCs receive another tranche of $20,000 purchases from the CBN on Thursday (today).
It will be recalled that the CBN in its bid to sustain supply of liquidity to the foreign exchange market, made special interventions by simplifying the documentation process for the SMEs to enable them import eligible items and also increased both the amount and number of sales to the BDCs.
Trending
- Tinubu appoints renowned banker Jim Ovia as Chair of NELFUND
- Yahaya Bello: EFCC boss Olukoyede to face criminal trial for contempt of court
- President Tinubu appoint CEOs for two agencies
- Breaking: Veteran Yoruba actor, Ogunjimi is dead
- EX-PRESIDENT BUHARI MOURNS DEMISE OF SIDI ALI, DR. BAFFA YO
- Japa Crises: 58,000 of 130,000 registered doctors renewed licence, says MDCN
- 34-Km Ikorodu-Itokin Road Reconstruction: Gov Sanwo-Olu, Senator Abiru Pay Thank You Visit To Works Minister, Umahi, Make Case For Road Dualisation
- Yahaya Bello: EFCC Chairman’s conduct suggest vendetta, not fight against corruption – Concerned APC chieftains