Naira exchanges 385/dollar as CBN supplies $100m to forex market

Traders in Abuja and Lagos yesterday purchased United States dollar at the rate of N385, indicating greater apprehension among dealers and speculators.

The traders said the naira continues to firm up against major currencies, due to the consistent supply to the market by Central Bank of Nigeria (CBN).

The apex bank yesterday offered the sum of $100 million to meet the requests of wholesale customers, out of which $91 million was taken.

Confirming the offer, the Acting Director of Corporate Communications at the CBN, Isaac Okorafor, disclosed that the dealers will have value for their respective bids on Friday, March 24, 2017.

While further disclosing that the highest and marginal bid rates were N330/$1 and N320/$1, respectively, Okorafor said no intervention was made by the Bank to meet requests for invisibles on Thursday.

The naira so far appreciated by about 25 percent in the parallel market since the beginning of the CBN new forex policy announced on February 20th. Before the new policy the dollar was exchanged at N520.