Nigeria’s Naira To Gains as Central Bank Sells More Dollars

The Central Bank of Nigeria (CBN) is expected to increase the dollar supply to Bureau De Change (BDC) operators to $40,000 weekly, up from the $20,000 it sold to the currency dealers last week. Naira is expected to rise due to the planned sale to BDC which is in line with its aggressive bid to achieve exchange rate convergence and stability between Naira and US Dollar .

Naira was quoted at 410 to the dollar on the parallel and 306.10 on the inter-bank market last week.

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BTC Nigeria Editorial