…as Naira expected to appreciate to N370 to N375 on increased supply
The new foreign exchange window introduced by the Central Bank of Nigeria (CBN) on Friday could close the multiple exchange rates in the foreign exchange market, traders have told BusinessDay.
This is even as traders expect that the exchange rate in the black market will appreciate further to the N370 to N375 to the US$ range this week as the CBN sustains its supply of dollars in the foreign exchange market even as the amount of dollar sold to BDC operators has been increased from US$20,000 to US$40,000 each. This is expected to further boost dollar liquidity amidst all the other interventions being carried out by the apex bank.
Currently, there are at least three exchange rates. These include the CBN inter bank rate of N306 to the US$, the retail rate of N357 to the US$ and the black market and BDC rate which closed on Friday 22 April at N385 to the US$.
