NewStats: 3,265,549 , 8,187,172 topics. Date: Sunday, 15 June 2025 at 05:21 PM 5q4a2h

The naira pared some its previous day’s loss on the interbank forex market as it appreciated to N314.75 to the dollar on Thursday, stronger than the N317 to the dollar it closed on Wednesday.

The positive momentum displayed by the nation’s currency was attributed to an intervention by the Central Bank of Nigeria (CBN), which sold dollars to boost liquidity and help the naira to strengthen against the greenback.

The central bank asked some traders to bid for $1.5 million each, Reuters reported, adding that the Bank had been selling hard currency since this week.

A total of $6.27 million traded on Thursday.
However, on the parallel market, the naira climbed marginally to N395 to the dollar, up from the N394 to the dollar it closed the previous day.

The central bank had intervened in the interbank forex market on Tuesday to help the naira after it hit an all-time low of N350 to the dollar in thin volume on that day.

The naira has been under pressure since the central bank floated the currency in June to allow it trade freely on the interbank market. The currency has been hit by a plunge in oil prices, Nigeria’s economic mainstay, which caused foreign investors to flee bond and equities markets.

The central bank last month told international money transfer operators to pay dollar proceeds from customer transfers into local commercial banks in naira, while selling the dollars themselves to bureaux de change (BDC) outlets.

On Tuesday the bank pegged the dollar transactions which banks can carry out with BDCs at $30,000 per week and set a margin for the banks to sell dollar to currency outlets at not more than 1.5 per cent over the rate at which they bought.

It hopes the move will help narrow the gulf between the official and black market rates and boost dollar liquidity, traders say.

The central bank set a margin of two percent over the rate at which BDCs sourced dollars from banks as resale to customers and pegged BDC disbursement at $5,000 per transaction to cover travel allowance, medical bills and school fees.
Meanwhile, the CBN yesterday advised interested International Money Transfer Operators (IMTOs) to apply for licence.

The central bank in a statement last night said it came to its notice that, in spite of its transparency in the licensing of IMTOs in Nigeria, some persons have continued to allege that the Bank has stopped the licensing of interested IMTOs in the country.

“The CBN wishes to state, unequivocally, that it has not foreclosed the licensing of interested players in the IMTO space in Nigeria. Therefore, interested applicants are required to forward their requests for licensing to the Director, Trade and Exchange Department of the CBN, in line with the CBN Guidelines on International Money Transfer Services in Nigeria (2014), which among other things, specifies the minimum technical and business requirements for various participants in the international money transfer services industry in Nigeria. The aforementioned guidelines can be ed from the website of the Central Bank of Nigeria, it added, saying it remains committed to providing an enabling environment for international money transfer services in Nigeria.

http://investorsking.com/naira-surges-as-cbn-intervenes-in-interbank-market/

The CBN is surely endeavoring to improve the Naira, but should try harder. The CBN should take a bold Denomination Move to bring down Inter Banks Rates to N100/$1 so that its application of the 1.5 and 2 percent margin would trade Dollar at not more than N135/$1 to the End s. The CBN can do this and has the power to do it to impress PMB and Nigerians. And thanks for ensuring that, henceforth, all forex imports from Oil, goods and services enter Nigeria only through the Deposit Money Banks(DMBs). That's the spirit.

The CBN seem to be using trial and error method at the moment.

They don't really seem to have a solution to the situation of our naira.

orisa37:
The CBN is surely endeavoring to improve the Naira, but should try harder. The CBN should take a bold Denomination Move to bring down Inter Banks Rates to N100/$1 so that its application of the 1.5 and 2 percent margin would trade Dollar at not more than N135/$1 to the End s. The CBN can do this and has the power to do it to impress PMB and Nigerians. And thanks for ensuring that, henceforth, all forex imports from Oil, goods and services enter Nigeria only through the Deposit Money Banks(DMBs). That's the spirit.

there is no magic the cbn can perform if the political leadership of the nation is clueless and empty headed. To be honest the cbn has been trying with all sorts of experiment but what has the nation political leaders been doing? Nothing , and they even keep scaring investors away by their negative comments and dumb policies.

I blame the cluesless one - Buhari

This govt is still very confused

Ok

OnlineDude:
The CBN seem to using trial and error method. They don't really seem to have a solution the situation of our naira.

CBN aso rock economy

name it . all on auto pilot

Ok...what next??

Okay

Emefiele is Confused and clueless

Why Stop the activities of Bdc's in the first place.

Emefiele caused this problem right from the day he capitalised BDC's

The juju he's using to hold buhari from not sacking him is very strong.

we need to start hearing some good news like this in the mornings, good way to start your day.

Is #314 to $1 the $1 to #1 we were promised?

Run, Naira, run

I think say he don turn #1 = $1?? That yeye thing above na surge for your eye??

Hmmmm, how I pray n wish naira can gain it's strength o....the exchange rate is killing.

Naija which way? Anywhere Belle face?

CBN said it appreciated while In the black market, it depreciated. I choose to believe the black market price. Yeye dey smell.

mutandis mutatis

how long will d strength last...d recent strength can b dashed by another flaws coming from another economic policies like fiscal against monetary

Na wa o, Please How far are we to 2019?

And he promised us 1$ = 1N
And we are still counting 314.
God pls help Cassandra and CBN give them wisdom.

Am tired of commenting on a crumbling economy because my opinion and criticism won't solve anything

until this country have a clear economic policy direction, all they(the trials and errors) do is clear rubbish because the trial and errors on its own scare investors who would have brought FDI into the country.

Tell me how a foreign investor would want to invest in a country where repatriating of his funds later would be a nightmare ? Buhari's camatose economic policy is hurting this economy. How many job losses have we recorded this year alone ? and more still in the pipeline?

That's fraud CBN and BDC they want to completely sink the Nigerian economy only God can save us from their atrocities.

onatisi:
there is no magic the cbn can perform if the political leadership of the nation is clueless and empty headed. To be honest the cbn has been trying with all sorts of experiment but what has the nation political leaders been doing? Nothing , and they even keep scaring investors away by their negative comments and dumb policies.

The worst CBN governor ever.since his coming there from Gej to Buhari things are getting bad at CBN.

evansjeff:
we need to start hearing some good news like this in the mornings, good way to start your day.

you called this goodnews

but were calling Gej names when
it was 214.

Calm down, judgement day is near.

appreciated to N314.75 ?

appreciated? really?

will we ever get to 200 naira again?

not even to talk of 1nara = 1 dollar

i guess the 300 naira barrier is here to stay.

This is not the best time for trial and errors but the time to use the bese hands.

Good but we expect more from BUBU.

The FX is being pulled from our foreign reserves. I presume they do not believe they've performed wonders.

We should compare foreign reserves levels Aug ending with previous month and see where we stand.