Naira gains to 1,250/$ after CBN sells fresh dollars to BDCs
The naira gained Tuesday morning after the Central Bank of Nigeria (CBN) sold dollars at a discount to Bureau de Change (BDC) operators in an attempt to ease the renewed pressure in the black market.
Reason For The Naira Gain
A dollar sold for N1,250/$ on the streets on Tuesday morning, up from N1,270/$ on Monday, according to multiple traders who spoke with BusinessDay.
The appreciation of the naira is coming on the heels of the CBN’s sale of $10,000 to the BDCs at a rate of N1,021/$ on Monday.
The apex bank last sold dollars to the BDCs at a rate of N1,101 per US dollar and has now intervened in the market four times this year, selling a combined $63 million since lifting a ban on the sale of the greenback to the informal market.
Other Financial news highlights of Today April 24, 2024
1. Stock market dips by 0.35% as investors sell Honeywell, FBNH, Oando
2. Family businesses contribute $200bn to Nigeria’s economy- Report
Check up these in Business day either hard copy or soft copy in their website:
https://businessday.ng/news/article/naira-gains-to-n1250-as-cbn-sells-fresh-dollars-to-bdcs/