JUST IN: Naira gains as CBN boosts Dollar supplies

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– The Naira on Tuesday, April 4, appreciated against the Dollar at the parallel market

– The Naira maintained the rates it traded against the Pound Sterling and Euro yesterday

– ABCON chief Aminu Gwadabe says the Naira will appreciate further in the coming days

The Nigerian Naira on Tuesday, April 4, strengthened against the American Dollar at the parallel market.

According to reports, the local currency exchanged for N390 per dollar as against N395 it went for a greenback on Monday, April 3.

However, the Naira closed against the Pound sterling and Euro at N480 and N415 respectively at the black market as it was yesterday.

At the official market, the currency appreciated by 0.02% against the dollar to close at 306.25.

JUST IN: Naira gains at parallel market as CBN boost Dollar supplies

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The welcomed development comes on the heels of the recent injection of over $200m into the forex bank by the Central Bank of Nigeria.

The CBN on Tuesday, April 4, said that it will offer Dollar forwards to be delivered within two months to offset a backlog of matured foreign exchange obligations to manufacturers, airlines, fuel importers and agriculture businesses.

“Authorised dealers’ accounts with the central bank will be debited in full

for the Naira equivalent of the dollar bid amount on a spot basis,” the bank said in a notice to commercial lenders.

“The central bank will settle the bids through forward settlements of two months,” added the bank, but did not specify the amount of dollars to be sold.

Meanwhile, Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria has predicted the further appreciation of the Naira as BDCs set to receive more Diaspora remittances.

Gwadabe said that the improved inflows of Diaspora remittances into the economy in spite of falling oil prices would fast-track rates convergence and unification.

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ZENITHBLOG.com has gathered that since the CBN announced a new foreign policy last month, the apex has pumped more than $2 billion into the market to ensure convergence of all segments of the market.

Last week, the apex bank announced that it had increased the foreign exchange amount to be sold to Bureau De Change operators to $10,000 per week from the initial $8,000.

It also said that it would announce new rate for BDCs.

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