Naira gaining as FX Market opens at N387.25K

The foreign exchange market opened on Thursday morning with an indicative rate of N387.25k per dollar at the Investors and Exporters (I&E) forex window.

This represents N0.88k gain over N388.13k opened with on Wednesday, data from FMDQ revealed.

The market closed at N386.42k/$ on Wednesday as against N386.33k closed with on Tuesday.

At the black market, the Naira/dollar exchange rate remained unchanged at N460, traders said on Thursday.

At the retail Bureau, Naira depreciated by N5.00k as the dollar was sold at N462 on Wednesday from N457 sold on the previous day.

Aminu Gwadabe, President, Association of Bureaux De Change Operators of Nigeria (ABCON) said the Central Bank of Nigeria (CBN)-licenced Bureaux De Change (BDCs) will soon start full operations as the apex bank will soon reopen dollar sales to operators.

The Apex bank on March 26, suspended foreign exchange sales to the Bureau De Change (BDC) operators until further notice due to the Covid-19 lockdown as requested by the operators.

The suspension not withstanding, some BDCs are still active in the market.

Source: Business Day

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