Following the Central of Nigeria (CBN) announcement that it would resume the sales of dollar to bureau de change operator from September 7, Naira strengthened 7.37% this week to exchange ₦440/$1 at the parallel market.
The renewed enthusiasm in the Nigerian forex market was also buoyed by the external reserves grew marginally by 0.02 per cent this week to $35.7billion as of September 2, despite the weekly FX intervention sales by the CBN.
This despite a 6.8% decline in oil prices this week to $42.7 per barrel as data from the Energy Information Administration (EIA) revealed slowing demand for oil.
Meanwhile, the CBN spot rate closed flat at ₦379/$1.00 and the Investors’ & Exporters’ (I&E) Window, the NAFEX rate depreciated 46kobo to close at ₦386.13/$1.00.
Activity level in I&E Window increased by 32.1% to $215.6m from $163.2m recorded in the previous week.