NAIRA INCHES UP TO N202 TO THE DOLLAR

Following the Central Bank of Nigeria’s (CBN) plan to upwardly review the weekly Forex cash sales to Bureau De Change (BDC) operators,the naira rebounded to gain N6 against the dollar on Monday.

The appreciation was recorded at the parallel and black markets.
Checks by NAN revealed that in Lagos, the naira sold for N202 at the two markets from the N208 it was traded on Friday.
It also exchanged against the pounds at N297 and N295 at the BDCs and the black market, respectively.
The naira to the euro sold for N230 at the two markets. On Friday, the CBN reviewed the weekly Forex sales to BDC operators.
The apex bank said the decision was part of the ongoing review of developments in the foreign exchange market and to deepen the BDC’s segment.
As a result, the CBN reviewed the weekly Forex cash sales to BDCs upward from 15,000 dollars to 30,000 dollars with effect from Wednesday January 28.
The decision will make the CBN sell to BDCs at the prevailing interbank rate while BDCs are expected to sell not more than 3.5 per cent above the bank’s selling rate.
CBN also directed BDCs to return naira that are not sold to it within 48 hours of purchase.