Nigeria’s naira to dollar (USD) exchange rate appreciated at the official foreign exchange (forex) market on Tuesday, August 7, 2021.
At the NAFEX or I &E window, the naira gained 0.11 percent to close at 410.67/$1 on Monday, according to FMDQ Group.
On Monday, naira had closed the official forex market at N411.13 to one dollar.
At the parallel market/black market, the naira to dollar exchange rate remained stable at N532 to one dollar, the same rate as Monday, August 6, 2021.
Nigeria’s local currency has lost more than five percent of its value over the weekend.
The value of the naira has been spiralling downwards since last month when the Central Bank of Nigeria suspended the sales of forex to Bureau De Change (BDCs).
The CBN Governor, Mr Godwin Emefiele, had on July 27, at the end of the Monetary Policy Committee (MPC) meeting, announced the suspension of forex sale to the BDCs.
According to him, the forex traders have turned themselves into agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria.
