Standup9ja - Dollar drops to N430 at street market as CBN supplies $180m

Standup9ja - Dollar drops to N430 at street market as CBN supplies $180m

Naira yesterday started the week positively as it appreciated by about 4 percent at the street market.

The local currency exchanged at 430 to a dollar in Abuja while it traded in Lagos at 435 before the closing hours.

This is coming as the Central Bank of Nigeria (CBN) on Monday, March 20, 2017 offered a total of $180 million to meet bids for wholesale auction and requests for invisibles such as medicals, school fees and personal travel allowances valued at $80 million, through the inter-bank window.

Confirming the figures, the Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, said the wholesale requests will be settled on Tuesday, March 21, 2017, adding that the closing interbank rate for Monday, March 20, 2017, was N307.5/$1.

With this development, it is expected that the Naira will further strengthen in the foreign exchange market in the days to come.

While disclosing that the Bank had so far met all the legitimate demands from genuine customers, he reiterated that the CBN would ensure sustainable forex liquidity and transparency in the process to enable as many customers as possible get access to the foreign exchange they genuinely demand.

He therefore advised eligible individuals with genuine foreign currency needs to freely approach their banks and authorised dealers with their request, stressing that the CBN had made adequate provisions of foreign currency for all such legitimate purposes.