Naira closes stronger against dollar, as BDC operators get funding

Economy Nigeria

Exchange rate of Nigeria’s currency, the Naira, on Thursday closed at N409.65k as against N411.00 it closed on Wednesday at the Investors and Exporters (I&E) forex window.

This happened as foreign exchange daily turnover increased significantly by 690.63 percent at the I&E window.

The total transaction at the I&E window rose to $93.69 million on Thursday compared to $11.85 million recorded on Wednesday, data from the FMDQ showed.

Currency traders who participated in the trading maintained bids at between N394.00k and N419.30k/$, according to FMDQ.

Meanwhile, exchange rate remained flat again at N485 at parallel market and the Bureau De Change (BDC) segment of the foreign exchange market according to data from Aboki FX.

On Thursday, over 5,000 BDCs across the country received dollar disbursements from the CBNafter funding their accounts on Wednesday.

The CBN sells $10,000 twice weekly to BDCs across the country

As at the end of Thursday trading, the difference between the markets remained at over N70

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