Hopes of further appreciation of the naira brightened yesterday as the nation’s external reserve rose to $30 billion, the highest in 13 months.
Consequently, the external reserve has risen by $4.2 billion since the beginning of the year, and by $6.2 billion since October 19th, 2016 when it commenced its upward trend.
Meanwhile, the naira yesterday appreciated to N455 per dollar in the parallel market as the Central Bank of Nigeria (CBN) injected another $195 million into the foreifn exchange market. The apex bank sold $100 million in wholse forwards, $70 million to meet demand for personal and business travel allowance and $25 million to bureaux de change (BDCs).
President, Association of Bureaux De Change (ABCON), Alhaji Aminu Gwadabe, confirmed this development to Vanguard, saying 3,114 collected $8,000 each from the CBN yesterday.
The dollar supply prompted the parallel market exchange rate to drop to N455 per dollar from N465 per dollar on Monday, indicating N10 appreciation.
Edited from Vanguard