The Central Bank of Nigeria (CBN) sold $80 million to bureaux de change (BDC) operators on Wednesday at N197 to a dollar. This helped to strengthen the nation's currency on the parallel market, the president of the association of forex dealers said.
The naira was quoted at N221 on the parallel market, up 1.36 per cent on the day, after dollar liquidity rose, traders said. On the interbank market, the naira ended at the bank's pegged rate of N197 to the dollar.
President of the Association of Bureaux de Change Operators of Nigeria, Aminu Gwadabe, told Reuters that the central bank commenced the sale of dollars twice weekly to BDCs since last week.