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  • Nigeria: Naira Appreciates in Nafex, Parallel Market

    Jul 21st, 2017

    The Naira yesterday appreciated against the dollar in the parallel market and in the Investors & Exporters window due to boost in dollar supply.The Naira appreciated by N1 in the parallel market segment, as the parallel market exchange rate dropped to N366 per dollar yesterday from N367 per dollar on Thursday. The appreciation was attributable to dollar injection into the BDC segment by the Central Bank of Nigeria (CBN). The apex bank yesterday sold $20,000 to each of the 3,145 BDCs across the country, translating to $62.9 million supply boost.

    At the Investors and Exporters (I&E) window, also known as Nigeria Autonomous Foreign Exchange Market (NAFEX), the Naira appreciated by 90 kobo, as the indicative exchange rate dropped to N366.67 per dollar yesterday from N367.57 per dollar on Wednesday.