Naira gained against the U.S. dollar at the parallel market segment on Thursday, after setting an all-time devaluation record in the previous session of the market.
Data posted on abokiFX.com, a website that collates parallel rates in Lagos showed that the local unit closed at N520.00 per $1, this represents a N5.00 or 1.00 per cent appreciation from the N525.00 it traded in the previous session on Wednesday.
This happened 48-hour after the Central Bank of Nigeria (CBN) ban on the sales of forex to Bureau De Change operators took effect.
The CBN on Tuesday ended the sales of forex to Bureau De Change operators saying the unofficial market has become a conduit for illicit forex flows and graft.
The bank has also commenced the refund of the N35 million minimum capital deposits to applicants of Bureau De Change licenses.
The bank advised the BDC promoters to write to the bank’s Director of Financial Policy and Regulations Department, requesting for their refund.
However, the local unit fell slightly against the U.S dollar at the official market on Thursday, data published on the FMDQ Security Exchange where forex is officially traded showed.
According to the data posted, the naira closed at N411.67 per $1, this implies a N0.07 or 0.02 per cent depreciation from the N411.60 rate it traded in the previous session.
The currency experienced an intraday high of N387.67 and a low of N413.00, before settling at N411.67 on Thursday.
This occurred as forex turnover plummeted by 83.51 per cent, with $58.07 million posted at the end of the market session as against the $352.07 million recorded in the previous session on Wednesday.
The spread between the official market and the black market segment rates is pegged at N108.33, leaving a margin of 21.00 per cent as of the close of business Thursday.
Support PREMIUM TIMES' journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
TEXT AD: To advertise here . Call Willie +2347088095401...