The Nigerian Naira depreciated against the US dollar in the parallel market on Monday in contrast to the massive gains it recorded last week.

According to market monitors, ngnrates.com, the US Dollar is being traded at ₦445.00 today, 7 September.

This is N5 more than last week’s price of N440. The buying rate is N430.

The dollar had rolled into the market at N465, but it slumped to N440 on Tuesday, on news that the CBN will soon be selling dollars to the Bureaux de Change.

Today’s rate still gives the Naira a %4.30 appreciation for the Naira, compared with the opening rate last week.

“When we look at the whole month, we see that USD rate started September at ₦440.00 on Tuesday, September 01, 2020. As of today with US Dollar being traded at ₦445.00, we see a %1.14 rise for USD to Naira exchange rates for this September”, ngntrade noted.

The CBN resumed forex sales at the Investors & Exporters window (I&E window) and to Bureau De Change (BDC) operators, supplying US$110m at the different windows of the market as of 4 September.

The resumption of sales to BDCs has led to recent strengthening of the naira at the parallel market and BDCs.

By Alubankudi