Nigeria’s currency was stable on Monday, exchanging with the dollar at N460 on the black market due to low demand by end users.
At the Bureau De Change (BDC) segment of the foreign exchange market, naira gained N10 as the dollar was sold at N455 on Monday as against N465 sold on Friday.
The Central Bank of Nigeria (CBN) is expected to sell dollars to BDCs on Tuesday as about 5,000 BDCs funded their accounts on Monday.
At the Investors and Exporters (I&E) forex window, the foreign exchange market closed with the dollar being quoted at N386.00k on Monday, which represents N0.20k depreciation when compared with N386.25k quoted on Friday, data from FMDQ indicated.
Earlier on Monday, the market opened with an indicative rate of N386.63k, signalling N0.38k weakness in the value of the naira compared to N386.25k on Friday.
The CBN sells $10,000 twice weekly to the BDC segment of the foreign exchange market. The apex bank has sold over $300 million to BDCs since September 7, 2020 when it resumed dollar sells to them.
