The naira has appreciated by N12 against the US dollar in the parallel market.
The is coming due to $62 million dollar supply to Bureaux de Change segment by the Central Bank of Nigeria, CBN.
The CBN yesterday sold $20,000 to 3,170 BDCs, amounting to $62 million supply into the segment.
Following the development, the parallel market exchange rate went down from average of N397 per dollar on Tuesday to N385 per dollar at the close of business yesterday.
Confirming this development to newsmen Managing Director/Chief Executive, H.J Trust BDC, Harrison Owoh pointed out that “The appreciation shows the importance of BDCs in the foreign exchange market.
“Everybody is happy about the appreciation, and we expect it to continue.”
Also, President, Association of Bureaux De change Operators of Nigeria, ABCON, Alhaji Aminu Gwadabe disclosed that the increased supply of dollars to BDCs is rattling the market.
He noted that the rates are tumbling.
According to him, “We have already funded our accounts to purchase another $20,000 from CBN before the end of the week. So we expect the rate to further go down.”