The Nigerian currency exchanged at N440 (buying rate) and N445 (Selling rate) to a dollar, from N445/N450 it traded on Friday, while the Pound Sterling and the Euro closed at N530 and N465.
Vanguard investigations reveal that the naira appreciation is being driven by decline in demand for dollars occasioned by increase dollar supply by the Central Bank of Nigeria (CBN).
This was due to the several interventions of the apex bank at the interbank end of the forecast market as well as increased supply of dollars to the bureau de change market clearance of more BDCs to access the global money transfer operators winfow.
The foreign exchange interventions of the apex bank in the interbank market over the past two months, shows that the highest bid rate was N360 to the dollar, while the lowest was N315 per dollar. The offer includes requests for invisibles, such as medicals, school fees and personal travel allowances valued at $80 million, through the inter-bank window.
The US Dollar is set to crash further in the coming week as the Central Bank of Nigeria (CBN) plans to inject more FOREX into the market to meet the requests of genuine customers.
He advised eligible individuals with genuine foreign currency needs to freely approach their banks and authorised dealers with their request, stressing that the CBN had made adequate provisions of foreign currency for all such legitimate purposes.
It disclosed that the bank has since February offered over one billion dollars to the interbank forex market.
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