A market survey revealed that the Naira, which sold at over N405 to $1 as Monday, recorded a boost
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Indications of excessive liquidity in the market emerged on Thursday last week when operators could only pick a little over $39 million out of the $100 million offered for bid by the apex bank
Industry experts have attributed the slump in demand to the rate of forex liquidity being pumped into the system by the CBN
This was in spite of the Central Bank of Nigeria’s intervention at both the interbank market and Bureau De Change window
It had earlier before going down last week hovered around N380 to the dollar
On Wednesday it had gone down to N395 to a Dollar
Traders at the market said the intervention by the Central Bank of Nigeria at the different segments of the foreign exchange market was driving the strengthening of the naira against the dollar
Meanwhile, Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria, said the apex bank had reduced the time lag between the funding of their accounts and the disbursement of foreign exchange
The apex bank’s acting Director, Corporate Communications, Isaac Okorafor, in a statement on Sunday said the bank wants to disabuse the notion by market speculators that it wouldn’t be able to sustain its forex intervention
It ended last week at N390/$
As the Naira continues to appreciate, experts say it is necessary for the CBN to adjust applicable rates in different segments of the market in the overall interest of the economy
The CBN Governor, Godwin Emefiele, on Tuesday expressed optimism about the convergence of the Forex rates at the official and parallel markets, stating that the gains made by the naira against the greenback in the last five weeks were not a fluke
Traders expressed mixed feelings over the development in the market on Wednesday
Traders at the market said that they were happy with the performance of the Naira at the market, adding that it would lead to the fall in the prices of goods and services nationwide
Traders at the market said they were happy with the level of liquidity but appealed to the Central Bank of Nigeria to sustain it to further reduce the gap between the official and parallel market rates
Traders at the market were hopeful that improved liquidity at the interbank market would lead to a fuller recovery of the Naira
The CBN acting Director, Corporate Communications, Isaac Okorafor, gave a breakdown of the release
Meanwhile, Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria, said the association was expecting an increment in dollar sales to its members this week
The Nigerian currency was steady against the Dollar, but improved against the Pound Sterling and Euro at both the official and black market segments of the Foreign Exchange market
Uwaleke, who is an Associate Professor and Head, Banking and Finance Department, Nasarawa State University, Keffi, gave the advice in an interview with the News Agency of Nigeria in Abuja on Thursday