Friday, 17 March 2017

Naira Appreciates By N13 to N445/$

The naira yesterday recorded a N13 to close at N445 per dollar. This a continuation of the dollar against Nigerian her.

”The CBN has done its intelligence work on the market and we came to the realisation that much of what was driving the demand on the BDCs and the parallel market was speculation”.

Confirming this development, a bureaux de change (BDC)chief executive, who spoke to Vanguard on condition of anonymity said: “The market is paralysed. There is no demand at the moment. We have collected dollars from the CBN, but people are not coming to buy like before. So people are keeping their dollars. But we expect the situation to  change by tomorrow.”

The naira has gained N15 against the dollar this week in the parallel market. The steady appreciation is driven by the sustained intervention of the CBN via regular dollar sales to banks to meet demands for visible and invisible like Personal Travel Allowance (PTA) and Business Travel Allowance (BTA).

Meanwhile the CBN yesterday said that it has offered and received bids for $100 million from authorised dealers in the interbank market to meet the requests of genuine customers.

Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, disclosed this yesterday, adding that the sales will be settled on today.

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Source: ConciseNew.Global

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