The Naira Appreciates By N16, Closes At N215 Per Dollar.

The Naira appreciates yesterday against dollar in the parallel market,closing at N215 to a dollar.This represents an appreciation of N16 from Tuesday when a dollar exchanged for N231 in Lagos and Kano, N230 per dollar in Abuja.

This new development occurred as a result of Central Bank of Nigeria(CBN) intervention,it was gathered that the CBN issued a circular to sell additional $30,000 to all licensed bureau de change(BDCs) in the country, apart from the weekly sale of $30,000 that the apex bank do make available to each BDC,.
This decision prompted firms to hurriedly sell off dollars in their possession,as a result of increase in supply of dollars to the market thus crashing the exchange rate.