Naira regains strength, now N435/$1

With the expected commencement of sales of dollars to bureau de change operators by the Central Bank of Nigeria, the naira now sells between N440 and N435 to $1.

Notably, the naira which had been on a downward spiral since the government gave indications of commencement of international travels and full reopening of the economy, depreciated to as low as N490 before settling around N477 last week.

On Monday, black market traders had refused to show quotes as panic set in with the expected commencement of dollar sales to BDCs.

At the Nigeria Autonomous Foreign Exchange market also known as the Investors and Exporters window, the value of the naira appreciated slightly, closing at N386/$1 from N386.03 which it opened Tuesday’s trading activities.

Commenting on the resumption of forex sales to BDCs, National President of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, described it as a welcome development, noting that it will help ease some of the pressure on the naira.

Gwadabe stated further that while the resumption will see the BDCs getting fewer forex than they used to get, the association is reaching out to its members to ensure that they comply with all regulations.

Meanwhile, the 30-day moving average of the external reserves of the country rose to $35.66bn as of August 27, according to latest data from the apex bank.

The reserves had trended downwards to $35.598bn as of August 19, but began a slow rise as oil price appreciated at the global market.

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