The naira appreciated against the dollar at the parallel market on Monday as deposit money banks (DMBs) set up foreign exchange teller points for customers in line with the directive from the Central Bank of Nigeria (CBN).
The naira strengthened to 512 against the greenback at the parallel market from the 515/$1 at which it closed on Friday.
It, however, fell by 0.02 per cent to 411.50/$1 at the Investors and Exporters’ window, with a forex turnover of $121.08m, according to FMDQ Group.
The naira had last week plunged to an all-time high of 525 against the dollar at the parallel market following the stoppage of the supply of foreign exchange (forex) to Bureau de Change (BDCs) by the CBN.
The CBN Governor, Mr Godwin Emefiele, had on Tuesday, at the end of the Monetary Policy Committee (MPC) meeting, announced the stoppage of forex sale to the BDCs, saying they had turned themselves into “agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria”.
He said the CBN would channel a significant portion of its weekly allocation currently meant for BDCs to commercial banks to meet legitimate forex demand for ordinary Nigerians and businesses.