The naira yesterday depreciated against the dollar on the parallel market due to uncertainty over dollar sales to bureaux de change (BDCs) by the Central bank of Nigeria (CBN).
Meanwhile the apex bank yesterday concluded arrangement to release into the foreign exchange market $195 million comprising of $150 million for wholesale auction and $45 million to meet demand for invisible items like such as medical fees, tuition fees, Personal Travel Allowance (PTA) and Business Travel Allowance (BTA).
On Monday the naira had appreciated by N6 per dollar in the parallel market due to expectation that the CBN might increase dollar sales to BDC by 142 per cent this week.
Money Exchange
Foreign Money
But this expectation turned to disappointment yesterday as the CBN maintained the same amount of $8,000 per BDC.
This according to a BDC operator triggered increased demand for dollars in the parallel market with the parallel market exchange rate rising top N458 per dollar at the close of business yesterday from N454 on Monday.
