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The naira appreciated against the United States dollar at both the official and parallel foreign exchange markets on Tuesday, according to data from the Central Bank of Nigeria.
CBN figures showed that the naira strengthened to N1,351.02 per dollar at the official market, compared with N1,354.26 recorded on Monday.
This indicates that the naira increased by N3.24 versus the dollar on a daily basis.
The currency strengthened on the parallel market as well, rising N5 to trade at N1,450 to the dollar from N1,455.
The appreciation comes after the central bank issued a directive authorising banks to sell up to $150,000 per week to authorised Bureau De Change operators.
In a notice signed by the Director of the Trade and Exchange Department, the CBN said the measure is intended to “ensure the availability of adequate foreign exchange liquidity in the retail segment of the foreign exchange market to meet the legitimate needs of end users.”
