Dollar weakens against Naira in the black market, trades at N376

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[Forex]–Following the series of intervention from the Central Bank of Nigeria, the dollar is currently crashing against the Naira in the black market.

On Thursday, the Naira firmed up at the Bureau de Change (BDCs) segment, trading at between N376 and N378 to the United States Dollar in Lagos, Abuja and Kano.

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.

In the bank’s effort to sustain supply of liquidity to the foreign exchange market, CBN 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.

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.




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