FOREIGN exchange operations are to start operating on a daily basis in Nigeria from next month to cope with rising demand, the country’s central bank (CBN) said on Friday. CBN spokesperson Tony Ede said that demand at the Automated Foreign Exchange Market in Abuja, the official market for foreign exchange in Nigeria, continued to rise since the regime of military ruler General Abdulsalami Abubakar took power last June. Weekly demand for foreign exchange stood at around $70-million six months ago and has since risen to around $100-million. Last month, the government scrapped an artificial government-exchange rate of 22 naira to the dollar. At the last AFEM sale, this Wednesday, the naira stood at 86 to the dollar.
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