The
Nigerian naira has continued to consolidate on the parallel market as
the Central Bank of Nigeria pumps more dollars into the FX market.
Naira and dollar notes
The naira consolidated at the parallel market as the Central Bank
of Nigeria sold more dollars to banks as well as bureau de change
operators. Having sold $150 million to authorized foreign exchange
dealers on Wednesday, the apex bank also offered $100 million at the
interbank market yesterday as it sold dollars to more Bureau de Change
Operators in Nigeria.
As a result, the value of the naira at the interbank market rose
from N456 to the dollar to N455 yesterday as the apex bank cleared the
BDCs for a $25 million auction to be sold by international money
transfer firm Travelex to BDC operators at N381 naira per dollar cutting
back demand for the greenback.
President of the Association Bureau de Change Operators of Nigeria
(ABCON) Aminu Gwadabe confirmed that 3,124 BDCs were cleared for dollar
sales this week compared to 3114 money changers cleared last week.
CBN’s acting director, Corporate Communication, Isaac Okoroafor
confirmed that the apex bank on Wednesday sold a total of $150 million
to authorized FOREX dealers in the interbank at the highest bid rate
of N335 per dollar and a marginal rate of N320 to the greenback.
Okorafor said the highest rate of N335 was the same as the last
auction rate of March 8, 2017, adding that there was a change in the
marginal rate from N315 per dollar during the last auction to
Wednesday’s marginal rate of N320.
The CBN spokesman expressed confidence that the pressure faced by
both small and big-end users will be totally overcome soon as the bank
works towards meeting demand.
It will be recalled that the CBN, in the past few weeks, has been
making offers and releases to the inter-bank foreign exchange market in
its bid to sustain forex rule supply to different categories of users.
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