The Central Bank of Nigeria (CBN) plans to increase its weekly dollar sales to Bureau de Change (BDC) operators to $40,000, up from the current $20,000, in an effort to boost market liquidity and stabilize the naira.
On the parallel market, the naira traded at 410 to the U.S. dollar, compared with 398 per dollar the previous week. At the interbank market, the currency closed at ₦306.10 to the dollar on Wednesday, slightly firmer than ₦306.20 recorded a week earlier.
The move underscores the CBN’s ongoing efforts to narrow the gap between official and parallel market exchange rates while easing pressure on the local currency.