Naira gains eight points against Dollar

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Confirming this development, the President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said it was due to increased confidence in the foreign exchange market due to consistent dollar injection by the Central Bank of Nigeria

The Naira on Tuesday appreciated to N363 per dollar in the parallel market due to a combination of weak demand and increased dollar supply.

Vanguard survey revealed that the parallel market exchange rate dropped to N363 per dollar from N371 per dollar on Monday, indicating N8 appreciation for the Naira.

Confirming this development, the President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said it was due to increased confidence in the foreign exchange market due to consistent dollar injection by the Central Bank of Nigeria.

“Most of the huge demand for dollars and spike in the rate were fuelled by speculation and hoarding. The sustained dollar injection by CBN has eliminated these types of demand, hence low level of demand and appreciation of the Naira,” Gwadabe said.

On Monday the CBN injected $190 million into the interbank market.

This comprised $100 million for wholesale interventions, $50 million for SMEs for forex window and $40 million for Business/Personal Travel Allowances, tuition and medical fees, among others.

. Vanguard.