The Naira has fared far worse in recent times and exchanged for N480 to the dollar penultimate week. 

This week’s gain arrives after the Central Bank of Nigeria (CBN) announced that it will resume gradual sale of scarce forex to licensed bureau de change operators.

The increase represents a N12 gain when compared to the N477/$1 the Naira traded for on Friday, August 28.

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The Naira exchanged for N385.67 to the dollar at the investor’s window, however. 

The market turnover at the window stood at $14.37 million on Monday, August 31, 2020.

The CBN has collapsed the multiple exchange rate policy that determines the value of the Naira.

The apex bank adopted a uniform exchange rate for the official rate, bureau de change operators, importers, and exporters, among others.

The COVID-19 pandemic (with all the lockdowns it ushered) and a slump in the price of crude oil in the international market have further weakened the nation’s currency.