Naira Continues On The Path Of Appreciation Against Dollar On Parallel Market

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Naira, Dollar, Parallel Market

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.

READ ALSO: Naira Continues To Gain As CBN Approves Dollar Supply To BDCs

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.

READ ALSO: Naira Depreciates To ‘Record Breaking’ Low Of 480/USD [Sept 29]

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.

Datboyjerry

Datboyjerry

I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism. If you ever find my article unduly insipid, sue me and i’ll refund you...

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