Naira Appreciates Against Dollar At Parallel Market, New Price Trades At N15 Stronger

The Naira today appreciated at the parallel market, as it exchanged for N695 for one dollar, representing a gain of N15 on the N710 for one dollar that it traded on July 28, 2022.

The traders today put the buying price of the dollar at N680 and the selling price at N695.

The naira also appreciated at the official Central Bank of Nigeria (CBN) Import and Export window, exchanging for N417 against a dollar.

Some of the traders attributed the appreciation in the value of the naira to the warning issued by the CBN to market speculators.

“I think the Central Bank’s interventions and warning issued to market speculators may have also opened the market up a bit to those who may have hoarded the dollar,” said Isa Aliyu, a bureau de change operator.

When contacted, the president of the Association of Bureau de Change Operators, (BDC) Aminu Gwadabe, told THE ICIR that he was indisposed and could not comment about the market for now.

Nigeria has been having currency problems, with the dollar in short supply, amid dwindling oil revenue, subsidy payments, oil theft and weak exports.

The CBN stopped forex sales to BDC operators in July last year, accusing them of being involved in illegal financial flows and money laundering in Nigeria.

The apex bank issued a statement on July 29, 2022, assuring the public of its commitment in resolving the foreign exchange issues confronting the nation.

The BDC operators, on their own, called on the apex bank to open a diaspora window for them to ensure more options are open for businesses and diapsorans.

On July 29, 2022, the Economic and Financial Crimes Commission (EFCC) raided a BDC hub in Abuja over allegations that some operators were mopping up foreign currencies.

The agency explained that the invasion was “a covert operation to dislodge currency speculators massively mopping up available foreign currencies.”