Naira stays firm against dollar, checkout new rate
Nigeria’s currency, Naira has remained at N393/$1 in the black market today, August 16, as it was on Monday, August 15, NAIJ.com can authoritatively report.
This would leave Naira’s black market value unchanged for two consecutive days after gaining strength from the N395/$1 rate it was last week.
According to currency traders and economists, the local currency poor performance at the parallel market has been triggered by increased scarcity of the greenback.
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But there is hope as the Naira is well on the path to further strengthen, following Central Bank of Nigeria (CBN)’s assurance that forex will be sold to licensed Bureau De Change Operators (BDCs) this week.
CBN believes the resumption in dollar sale to BDCs will see the Naira appreciate in all the segments of the forex market.
NAIJ.com recalls that CBN had in January, suspended dollar sales to BDCs due to decline in the country’s foreign exchange earnings, and sharp practices by BDCs.
The apex bank in June floated the naira as it introduced the foreign exchange policy, which allows for the determination of the exchange rate by market forces of demand and supply.
But this policy hasn’t helped matters as the scarcity of dollar isn’t giving naira any respite.
Meanwhile, you can check out NAIJ.com’s bureau de change ‘market’ here for the best rates on foreign exchange.
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