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Bureau de change worker holding Dollar and Naira notes

Naira appreciates, exchanges for N457/$

The Naira has slightly appreciated, following its exchange to Dollar at a rate of N457/$ at the parallel market on Tuesday.

This comes a week after the Naira had exchanged at N465/$.

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The President, Association of Bureaux De Change Operators, Alhaji Aminu Gwadabe, said, “The intervention sales of proceeds of international money transfer operators to BDCs have always been positively impactful in the market over the years.

“BDCs remain the most potent tool of the CBN exchange rate stability management.”

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This is even as experts have continued to clamour for a single exchange rate which, according to them, would ease regulatory supervision, ensure transparency and effective price discoveries, and deepen market perfections.

Meanwhile, the CBN continues to strengthen efforts to ensure the unification of the exchange rates in the country, even as it retains the official exchange rate on its website at N379/$.

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