Dollar to Naira

The Nigerian Naira on Friday, March 10, crashed against the American Dollar, Pound Sterling and Euro at the parallel market, hours after President Muhammadu Buhari’s return from London.

According to reports, the local currency dropped one point against the dollar as it now at N463 per US dollar as against the N462 rate it was on Thursday, March 9.

The Naira also crashed to N555 against the Pound from the previous rate of N550 and weakened to N480 per Euro as against the previous rate of N477.

However, the Central Bank of Nigeria (CBN) has injected another $195 million into the foreign exchange market.

It was gathered that the apex bank sold $100 million on Thursday, March 9, $70 million to meet demand for personal and business travel allowance and $30 million to Bureaux De Change (BDCs).
This was disclosed by the president of Association of Bureaux De Change (ABCON).

He said 3,114 collected $8,000 each from the CBN.

Gwadabe expressed optimism that the Naira will further appreciate in the coming week, based on expectation of increased dollar sales to BDCs by the CBN.

Since Monday, February 20, when the CBN announced new measures to boost dollar supply and forestall the declining fortunes of the Naira in the parallel market, the apex bank has intervened in the forex market six times as follows: Tuesday February 21, $417 million; Thursday February 23, $231 million; Monday February 27, $180 million; Friday March 3, $350 million, Monday March 6, N367 million; and on Tuesday, March 7 with $100 million.


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