The naira gained Tuesday morning after the Central Bank of Nigeria (CBN) sold dollars at a discount to Bureau de Change (BDC) operators in an attempt to ease the renewed pressure in the black market.
A dollar sold for N1,250/$ on the streets on Tuesday
morning, up from N1,270/$ on Monday, according to multiple traders.
The appreciation of the naira is coming on the heels of the
CBN’s sale of $10,000 to the BDCs at a rate of N1,021/$ on Monday.
The apex bank last sold dollars to the BDCs at a rate of
N1,101 per US dollar and has now intervened in the market four times this year,
selling a combined $63 million since lifting a ban on the sale of the greenback
to the informal market.
The latest sale is expected to relieve the renewed pressure
on the naira which snapped a one-month rally last Friday and fell for the
second straight day on Monday.
Traders say they expect the naira to appreciate by close of
trading today and in the coming days following the CBN’s dollar sale.
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