The naira appreciated in the parallel market against the dollar on Monday as deposit money banks set up foreign exchange counters for customers in line with the guidance of the Central Bank of Nigeria.
Against the dollar, the naira strengthened to 512 in the parallel market from the 515/$1 it closed on Friday.
However, according to the FMDQ Group, it fell 0.02 percent to 411.50/$1 at Investors and Exporters, with forex revenue of $121.08m.
The local currency had fallen to a record high of 525 against the dollar on the parallel market last week after the CBN halted the supply of foreign currency to the Exchange Office.
The CBN Governor, Mr. Godwin Emefiele, had announced the cessation of forex sales to the BDCs on Tuesday at the close of the Monetary Policy Committee meeting, saying they had turned themselves into “agents who facilitate bribery and corrupt activities of people seeking illicit money flow and money laundering in Nigeria”.
He said the CBN would channel a significant portion of its weekly allocation currently earmarked for BDCs to commercial banks to meet the legitimate demand for forex for ordinary Nigerians and businesses.
Guaranty Trust Bank Limited announced in an email to its customers on Saturday that it had set up forex counterpoints for customers.
Commercial banks in Abuja have set up special counters for forex transactions in their branches, in the new forex regulations by the CBN.
According to the Nigeria news agency, officials from the banks visited said a dollar was being sold for N412.
NAN noted that checks at Fidelity Bank, Keystone Bank, and Zenith Bank branches in Abuja revealed that they had all designated ATMs for forex transactions.
While confirming that the dollars were being sold for N412/$1, officials of the visited banks announced that each traveler was entitled to $4,000 per quarter for personal travel and $5,000 per quarter for business travel.