Naira gains 5.4% to N440 at the parallel market

The decision of the Central Bank to Nigeria (CBN) to resume dollar sales to bureau de change operators seemed to be paying off as the Naira appreciated 5.4 per cent to N440/$ at the parallel forex market on Tuesday.

The CBN had recently announced that it will resume the allocation of dollar to bureau de change operators on September 7.

Meanwhile, the local currency depreciated 0.09 per cent at the Investors and Exporters (I&E) forex window, having opened at N386.03, traded high at N386.00, and eventually closed at N386.00.

Investors traded a total of $14.37 million through the I&E window.

The Naira at the official window closed at 379.00/$1, unchanged against the previous day’s position.