Naira appreciates at parallel market

The naira strengthened to N440 to a dollar at the parallel market on Tuesday, compared with the N465 to a dollar it was the previous day.

The naira had closed at N477 to a dollar at the unregulated forex market last Friday.

Currency dealers attributed the development to the planned resumption of forex sales to operators of Bureau De Change, which according to them is expected to bolster dollar liquidity in the market.

The Central Bank of Nigeria is expected to resume forex sales to BDCs on Monday.