Naira gains on fresh dollar supply, now 390/dollar

The naira recorded a gain against the United States dollar on the parallel market on Tuesday, a day after the Central Bank of Nigeria injected $240m into the foreign exchange market. The local unit rose from 395/dollar on Monday to 390/dollar on Tuesday as the new forex supply weighed on the market.

The CBN had on Monday released the sum of $90m to meet requests for invisibles such as business travel and personal travel allowances, medical and school fees. The apex bank also offered a total of $150m to authorised foreign exchange dealers in the interbank wholesale auction window same day.

The development brought to $240m the total amount of forex released by the regulator on Monday. The regulator also adjusted the sale day of forex to Bureau De Change operators to Tuesdays only to reduce logistical difficulties.