Naira has continued to appreciate against the dollar at the parallel market after the crash last Wednesday, following the decision of the Central Bank of Nigeria to stop the sale of forex to Bureaux De Change operators in the country.
Following to the CBN announcement last Tuesday, Naira depreciated to N525 per dollar last Wednesday compared to N505 per dollar it exchanged on Tuesday as speculators rushed in to stock forex in expectation of further depreciation of naira.
However, naira has continued to recover as it closed at N520 per dollar on Thursday, N515 per dollar on Friday and N512 per dollar on Monday, according to the data on AbokiFX, which tracks black market rates.
Today naira has appreciated further against the dollar to N510 per dollar at the black market window. This implies a N15 appreciation since the fall last Wednesday.
The CBN had last Wednesday instructed all Deposit Money Banks (DMB) in the country to ensure that no customer is “turned back or refused FX provided that documentation and all other requirements are satisfied.”
Following the CBN directive, Nigerian banks on Monday notified their customers that purchase of foreign currencies can now be done conveniently at any of the bank’s teller points in branches nationwide.
Customers seeking to purchase Personal/Business Travel Allowance (PTA/BTA), pay International Tuition/School Fees and make International Medical bill payments are to visit the bank branches.
Foreign currency cash is expected to be provided to the customer instantly upon presentation of appropriate documents.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.