The Naira has recovered from a three consecutive days of depreciation as it appreciated in the foreign exchange markets – 9am News Nigeria can report.
On Thursday September 26, 2024, the Naira appreciated to N1,576/dollar signifying a 5.8% (or N91) gain against the dollars within a single day. The Naira was trading at N1,667/dollar at the Nigerian Autonomous Foreign Exchange Market just the previous day.
This is due to a high supply of dollars by the Central Bank of Nigeria (CBN). The CBN on Thursday September 26 was reported to have supplied $60 million to banks causing an increased dollar liquidity in the markets. The Apex bank also sold dollars to some licensed bureau de change operators at N1,590 to a dollar.
This led to a 230% increase in the numbers of willing sellers of the dollar.
The Naira also appreciated by N5 at the black markets (also known as the parallel markets). On Thursday it was selling at N1,700 to a dollar, whereas on Wednesday it sold at N1,650 to a dollar. People desperately in need of foreign exchange often patronize the parallel markets where the dollar is often readily available, although at a higher price than the regulated markets.
The CBN announced on Thursday that each licensed bureau de change operator will be eligible to buy the sum of $20,000 from the Central Bank of Nigeria to meet growing demands for the dollar.
In a portion of the statement made available to 9am News Nigeria, the CBN explained saying “This move is to ensure adequate liquidity and meet the growing demands in the market.”
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