New data from FMDQ securities showed that naira appreciated against the US dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) to N1,476.12 /$1 on Monday, June 3.
This represents a 0.7% or N28.34 improvement for Nigerian currency compared with the N1,485.99/$1 transacted last Friday, May 31.
The development comes amid the the Nigeria Labour Congress (NLC) and the Trade Union Congress’ (TUC) industrial action over minimum wage and power tariffs, which slowed down the market.
The impact was evident as forex transactions declined on Monday in the official market by 42.9%, or $91.55 million, to $121.87 million from the $213.52 million recorded in the last trading session.
However, CBN data shows that naira rate was unchanged against the pound sterling in the official market on Monday at N1,877.92/£1, the same as Friday last hows.
While against the Euro by N14.48 to trade at N1,613.44/€1 on Monday versus N1,598.96/€1.
Also, in the black market, the naira appreciated against the dollar as BDC traders quoted buyers a N1,490 rate, an improvement from the N1,500 rate on Friday.
TimesNow.com.ng previously reported that the CBN banned street trading of foreign currencies by Bureau de Change (BDC) operators, citing the need to regulate the foreign exchange market properly.
CBN’s director of risk management, Blaise Ijebor, said street trading of foreign currencies is not allowed as the apex bank does not want BDCs under trees.
He said the traders should be in offices where customers can come in and change their currencies.
Proofreading by James Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
