Increased dollar sales by the apex bank particularly to the BDC operators had cut back demand pressure on the naira. The apex bank on Wednesday had offered $100 million at the interbank market but banks were only able to take up $68 million as they ran out of naira. The naira's value rose by over 3.75 per cent to N385 per dollar yesterday, up from $400. Traders at the parallel market said demand for the greenback had declined pushing down the value of foreign exchange on the streets. The British Pound was also down to £495 to the naira from £503, while the Euro declined to €410 from €433 which it sold on Wednesday.
as mentioned in Recall that the Naira, was sold at over N405 to $1 as of Monday this week. 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 today, April 20, 2017. The crash in the dollar was caused by the interventions of the Central Bank of Nigeria (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. The Apex bank also pumped over $380 million into the interbank market with a view to ensuring liquidity in the market and enhance access for genuine end users. In a bid to sustain the supply of liquidity to the foreign exchange market, CBN in the last two weeks has made special interventions by offering special foreign exchange window for SMEs to access $10,000 per quarter for importation of basic items for their operations.
as mentioned in
Business - Naira Recorded 5.2% Gain Against Dollar This Week
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