Nigeria’s local currency has appreciated from N460 to a dollar to N445 to a dollar in the parallel market in less than 2 weeks.
The latest upsurge of the naira against the dollar can, however, be related to the improved foreign exchange inflow and the planned resumption of dollar sales to Bureau De Change (BDCs) which is expected to further help ease the pressure in the market.
Naija News also reports that Naira gains N68 against $1 at 12-month forward market, as devaluation concerns ease.
Meanwhile, in a new development, Nigeria’s foreign exchange reserves now stand at $36.57 billion, having increased sharply from $33.42 billion as of April 29, 2020. This shows a gain of 3.15 billion dollars in 33 days.