The sell rate of the naira appreciated significantly to N357 to a dollar on the parallel market Thursday, from the N359 to a dollar it was the previous day, as demand for the United States currency continued to weaken.
Checks by Edujandon.com also showed that the buy rate of the greenback strengthened to N359 to a dollar, as against the N360 it was previously.
This is just as Nigeria’s external reserves sustained its accretion, closing at $47.798 billion on Wednesday.
The current value of the reserves represented an increase by $326 million, compared with the $47.472 billion it was as of June 4, 2018.
Currency dealers attributed the gains recorded by the naira to the saturation of the market with dollars by the Central Bank of Nigeria (CBN).
The central bank had in May, directed all Bureau De Change (BDC) operators to always access forex from it on Mondays, Wednesdays and Fridays, every week.
Owing to this, dollar supply has increased tremendously.
Speaking in a chat the President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, explained: “Demand is weak and as you know there have been a lot of interventions in the market. Also, there is no naira liquidity. Normally it is naira liquidity that chases the dollar.
“Most of the frivolous demand in the market has been stamped out. Also, don’t forget that every weak, the CBN intervenes in the interbank forex market as well.
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