The Naira on Thursday, June 9, firmed up to N366 against dollar from N371 traded last Wednesday, traders said.
It was gathered that the uptick at the parallel market was as a result of the release of huge dollar cash held by speculators into the market, which boosted liquidity in the system.
President, Association of Bureau De Change Operators of Nigeria, ABCON, Aminu Gwadabe, who confirmed yesterday’s rate said millions of dollars also came in from tourists and other secondary sources.
Gwadabe said it was also possible that undisclosed amount of dollars came in from the Central Bank of Nigeria (CBN) to support the naira against the greenback.
Many forex traders are trying to hedge against likely currency depreciation when the CBN clarifies its new forex policy.
The demand for dollar had risen, with many buyers buying up every available greenback from retail outlets. “Dollar demand has increased due to uncertainty around CBN’s forex policy,” Gwadabe said.
