By Babajide Komolafe
The naira Thursday appreciated to N374 per dollar in the parallel market due to weak demand for dollars.
Vanguard survey revealed that the parallel market exchange rate dropped from N375 per dollar on Wednesday to N374 per dollar at the close of business yesterday.
Parallel market operators attributed the appreciation to weak demand for dollars which occasioned dollar glut in the market. Investigations revealed that the dollar glut was occasioned by the long holiday and the regular sale of dollars to bureaux de change (BDCs) by the Central Bank of Nigeria (CBN). The apex bank since April has been selling $40,000 to each of the over 3000 BDCs in the country.
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from Vanguard News
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