Naira gains marginally as CBN goes after vendors of new notes

The Nigerian currency on Tuesday appreciated marginally against the dollar at the Investors and Exporters window.

FMDQ securities reports that Naira at the close of business exchanged at N436.25 to a dollar representing a 0.06 percent appreciation compared to the N436.50 for which the dollar was exchanged on Monday.

The open indicative rate closed at N435.07 to the dollar on Tuesday.

An exchange rate of N437 to the dollar was the highest rate recorded within the day’s trading before it settled at N436.25.

Naira appreciation comes amid a massive jump in dollar supply to a total of 141.51 million dollars compared to the $41.02 million made available on Tuesday.

At the black market also, Naira recorded an appreciation closing at N705 to a dollar compared to the N707/$1 it exchanged a day earlier.

Read also: Naira starts new week on a low, as FX supply drops further

Meanwhile, officials of the Department of State Services, in conjunction with the Central Bank of Nigeria (CBN) and the Nigerian Security and Civil Defense Corps, have arrested 14 persons, including a lady, over the alleged illegal sale of new naira notes in Kano.

The State Commandant of the NSCDC, Adamu Zakari, disclosed this while parading the suspects at the NSCDC State Headquarters in Kano Tuesday evening.

He said the suspects were apprehended during a joint operation in the metropolis as part of efforts to check the illegal act, which contravened the CBN Act.

“The clamp down on the new naira vendors and sellers is hinged on the CBN Act, Section 20 to counterfeit, hawk, sell or otherwise trade the naira notes, coins or any other note issued by the bank,” he said.

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