The Naira, yesterday, appreciated to N296 per dollar in the parallel market due to expectation that the Central Bank of Nigeria (CBN) will sell autonomous dollar to bureaux de change this week.
Vanguard’s survey of major cities reveals that in Lagos the Naira appreciated by N4 as the parallel market exchange rate dropped from N300 per dollar on Friday to N296 at the close of business yesterday.
In Abuja, the Naira appreciated by N5 as the parallel market rate fell to N295 from N300, while in Kano, the Naira gained N2 as the parallel market exchange rate dropped to N298 from N300.
Bureaux de change sources, who confirmed this development to Vanguard, explained that the appreciation was driven by expectation of inflow from the CBN.
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