Nigeria’s currency weakened against the dollar across foreign exchange markets at the end of the trading session Wednesday.
The depreciation was attributable to the activities of speculators as the Central Bank of Nigeria (CBN) delays its dollar sales resumption to Bureau De Change (BDC) operators.
Consequently, Naira lost N2 to the dollar which traded at N442 at close of business on Wednesday compared to N440 traded on Tuesday on the black market.
The local currency also weakened at the retail Bureau, losing N3 to the dollar which closed at N446 at the end of trading on Wednesday from N443 on Tuesday.
CBN said on April 29, 2020 that it had made complete arrangements to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels, and other designated retail uses, as soon as international flights resume.
On the same day, the Apex bank resumed dollar sales for school fees and Small and Medium Enterprises (SMEs) and directed users to access FX from the banks.
At the Investors and Exporters (I&E) forex window, Naira weakened by N0.83k as the dollar was quoted at N386.33k at close of trading on Wednesday as against N385.50k closed since Monday, data from FMDQ showed.
Against the opening rate on Wednesday morning, Naira gained N1.35k. The market opened with an indicative rate of N387.68k in the morning.
