The naira, on Friday, appreciated to N1,602.75/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the country’s official window.
This is an increase of 0.38 per cent from N1,608.98/$ it exchanged for on the previous day.
The naira, however, depreciated to N1,600/$ at the parallel market, commonly called black market.
This represents a 1.91 percent decline compared to the N1,570/$ it was as at March 13.
Bureau de change (BDC) operators in Lagos and Abuja, quoted the buying rate of the dollar at N1,580 and the selling price at N1,600 — leaving a profit margin of N20.
Meanwhile, the Central Bank of Nigeria (CBN), has reemphasised its warning to banks not to utilise gains from foreign currency revaluation to pay dividends and expenses.
“Further to our letter dated September 11, 2023, referenced BSD/DIR/CON/LAB/16/020 on the above subject, the Central Bank of Nigeria wishes to reiterate that banks are required to exercise utmost prudence and set aside FCY revaluation gains as a counter-cyclical buffer to cushion any adverse movements in the FX rate,” the CBN said.
“In this regard, banks shall not utilize such FX revaluation gains to pay dividends or meet operating expenses.”
CBN had issued guidelines in September 2023 on how banks can manage the impact of FX reforms.
