The continuous flooding of the foreign exchange market with dollars has crashed the currency against the local currency, Naira.
The Naira firmed up at the Bureau de Change (BDCs) segment on Thursday, trading at between N376 and N378 to the United States Dollar in Lagos, Abuja and Kano.
The crash in dollar was caused by the interventions of the Central Bank of Nigeria (CBN). A market survey revealed that the Naira, which sold at over N405 to $1 as Monday this week, recorded a boost.
There were indications that the appreciation of the Naira was as a result of policy actions of the CBN to inject more foreign exchange into the financial system, specifically targeting critical sectors in addition to special interventions in the areas of SMEs and BDCs.
According to a source at the apex Bank, the Naira is expected to appreciate further when the BDCs receive another tranche of $20,000 purchases from the CBN today, April 20, 2017.
In a bid to sustain supply of liquidity to the foreign exchange market, CBN made special interventions by simplifying the documentation process for the SMEs to enable them import eligible items and also increased both the amount and number of sales to the BDCs.
-NAN PLACE YOUR TEXT ADVERT BELOW:>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> How I Made Me =N=2.5 MILLION In 7 Days from 2 Common Product I Imported and how you can do the same. Click HERE FOR FREE Details right now Warning To Men: This 3 Foods Is Killing Your Erection. Click Here To Know Them Secret Fruits that increased my Manhood and makes me last 55 minutes+ all time - Click here to get it Warning: Got Arthritis? 3 Simple Ways To Get Cured And Be Permanently Free From Joint Pains. Click Here To See Them REVEALED!! Reduce Your Blood Sugar Level And Reverse Diabetics Within A Short Period Of Time. Click Here To See How MIDNIGHT,Pressed Mr Kilanko Suddenly Couldn't Urinate. Shrink your Enlarged Prostrate Here! Click Here Now