This implied that the Naira appreciated by N120, representing a gain of 8.57 per cent when compared to the N1,400 to a dollar at which it traded on Friday.The local currency had, midweek lost a third of its value barely two weeks after strengthening to below N1,000 against the dollar.
The apex bank had, on Monday announced the sale of $10,000 to its licensed currency traders nationwide at the rate of N1,021/$1 as part of its plans to aid foreign currency accessibility for qualified end users and stabilise the foreign exchange market. This represents a 2.24 per cent depreciation when compared to the N1,309.88/$1 that was reported the previous day.
According to him, the association is implementing plans meant to unify operators from different cadres of the market, including the inauguration of state chapters for market coordination, integration and administering a united market structure."Part of our vision for a united retail-end forex market includes activating geo-mapping and automated BDCs physical office verification exercise using the Remote Gravity Physical verification apps.
He stated that continuous revisits to previously implemented policies and considerations of new ones were imperative. "Unlike other countries like the United States, Britain, France and Japan, which hold their reserves domestically, Nigeria's adherence to this practice raises questions about its colonial legacy.
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