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The Nigerian Naira on Wednesday, March 29, sustained its growth against the Dollar at the black market as it now trades at N375 per American Dollar from the previous rate of N380.
The local currency also appreciated to N465 per Pound and N400 per Euro from the previous rate of N470 and N435 respectively.
This is coming after the Central Bank of Nigeria slashed the rate at which it sells forex to Bureau De Change (BDCs) in Nigeria from N390 to N360, and directed the BDCs to sell to end users at not more than N362 to a dollar.
Dollar to Naira
We recalls that the CBN Acting Director of Corporate Communications, Isaac Okorafor in a statement, said that the apex bank, under the new policy, will sell forex to the licensed BDCs at the rate of N360 while they will in turn sell to customers at a rate not more than N362 to a dollar.
Okorafor said the objective of the new forex sale policy was to ensure a convergence of the rates in the interbank and BDC, stressing that the CBN remained committed to ensuring transparency in the market as well as fairness to end-users, many of who hitherto experienced challenges in accessing foreign exchange.
He therefore urged licensed BDCs to play by the rule, cautioning that the CBN would not hesitate in sanctioning any erring dealer.