JUST IN: Naira makes gain against Dollar as CBN increases forex liquidity to market dealers

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– Naira moves up to N407 per Dollar at parallel market

– The local currency also appreciated against the Pound Sterling and Euro at N497 and N430

– The appreciation comes as CBN increases forex liquidity to market dealer

The Nigerian Naira on Tuesday, April 18, gained three points against the American Dollar to close at N407/$1 at the parallel market.

This comes even as Central Bank of Nigeria (CBN) increased forex liquidity to market dealers.

The local currency also appreciated against the Pound Sterling and Euro at N497 and N430 respectively from the previous rate of N500 and N435.

At the official market, the Naira appreciated by 0.03% against the Dollar to close at N306.00.

Dollar to Naira

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It was gathered that the Naira is expected to appreciate on the black market side this week, following the Central Bank of Nigeria’s plan to increase Dollar sale to $40,000 from $20,000 to retail currency Bureau in order to boost liquidity and help support the local currency.

Meanwhile, ZENITHBLOG.com has gathered that CBN has introduced “Form X” for the Small and Medium-scale Enterprises seeking to purchase foreign exchange from the apex bank.

The CBN said the decision was part of its commitment to increase forex liquidity and improve access by the SMEs and retail businesses to forex.

The Acting Director,

Corporate Communications, CBN, Mr. Isaac Okorafor, who confirmed this on Monday, April 17, said that the measure was intended to ease documentation challenges usually encountered by this category of businesses.

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He further explained that the new form, which must be completed by all the SME applicants required the applicant to fill the form with a supporting application letter as well as beneficiary invoice and bank wire transfer.

He added that the objective of the new guideline was to remove obstacles usually encountered by those whose forex needs for either visibles or invisibles were as small as or less than $10,000.

Also, Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON), said that BDCs were working hard to close the gap between the official and the parallel market rates.

He commended the CBN for increasing the volume of foreign exchange offered to BDCs weekly and promised that its members were ready to drive down the rates if the apex bank continued to inject more liquidity to the sector.

Watch traders talk about what has changed in the market since President Muhammadu Buhari’s return from London

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