The Nigeria’s Naira on Monday continued on the path of appreciation against the United States’ Dollar on the parallel market, as it closed at N455 to the greenback, higher than the N460 to the dollar it closed last Friday.
The continuous buoyancy recorded by the local currency on the unofficial segment of the market in the past few days, was once more credited to the improved dollar liquidity to the Bureau De Change (BDC) arm of the market.
It would be recalled, last month, the nation’s currency had weakened to a record low of 495 per dollar on the black market.
This prompted the Central Bank of Nigeria (CBN) to order the approval of dollar sale to Bureau De Change operators.
The Apex Bank then gave approvals to First Bank of Nigeria Limited and Travelex, a global foreign exchange company, to commence sale of the greenback to the BDC operators.
Speaking on the development, the President of the Association of Bureau De Change of Nigeria (ABCON), Alhaji Aminu Gwadabe welcomed the move by the central bank, saying it would help strengthen the naira and improve dollar liquidity in the market.
“If you check, since Travelex started selling to BDCs, speculation has reduced in the market and the naira is on the path of recover,” Gwadabe had said.