Naira gains at official market, trades 740.67/$

Naira gains at official market, trades 740.67/$

The naira strengthened to the dollar on Thursday after closing at 740.67/$ on the Investor & Exporter forex window.

The naira, which had been recording gains since the Central Bank of Nigeria announced a planned intervention in the forex market on Monday, closed at 773.17/$ on the I&E window on Wednesday.

At the parallel market, a Bureau de Change operator, Yusuf Kareem, who spoke to The Punch on Thursday, said, “The naira was bought and sold at N835 and 850 today.”

According to BDC operators, the value had not really changed from how it traded on Wednesday

The President, Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, in a chat with The Punch, said the pronouncement of the CBN was having impact on the forex market.

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He said, “He is clear on his message to calibrate supply and sanctions illegal economic behaviours of market participants, this has impacted positively to the recent positive naira strength in the market.

“However, there is the need for policies and operational democratisation and demonopolisation of market participants especially now that we have the model of a willing buyer and a willing seller.

“There is also the need for leveraging on BDCs for market deepening, and product scope flexibility.”

On Monday, after briefing President Bola Tinubu on what the bank was doing to halt the naira slide at the State House in Abuja, the Acting Governor, CBN, Folashodun Shonubi, said it was set to take new measures to stabilise the naira against the dollar.

The Nigerian National Petroleum Limited obtained a $3bn emergency loan on Wednesday to help stabilise the naira.

Naira gains at official market, trades 740.67/$