This represents a massive N37 gain compared to the N477/$1 exchange rate close of Friday, August 28th.
According to a monitored data from Abokifx, the naira appreciated by 5.4% from yesterday August 31, 2020, where it exchanged for N465 to a dollar.
Speculators are scrambling to sell their forex pile as forex traders are reportedly turning down offers to buy due to fear that the naira could strengthen again.
Some of these measures or policies by the apex bank which is meant to boost liquidity in the foreign exchange market and conserve forex include; banning of third parties from buying foreign exchange which is routed through Form M. This is to ensure prudent use of the country’s foreign exchange resources and eliminate incidences of over-invoicing, transfer pricing and others.
In a bid to boost forex liquidity, the CBN has threatened to clampdown on exporters who fail to repatriate their forex earnings. They directed banks to submit the names, addresses, and Bank Verification Number (BVN) of all the exporters who have failed to repatriate their export proceeds for necessary sanctions.
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