Naira Continues To Gain As CBN Approves Dollar Supply To BDCs

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The Naira has continued to gain and may certainly appreciate further this week following the Central Bank of Nigeria’s approval of dollar sale to Bureau De Change operators.

READ ALSO: How Nigeria’s Naira Fared Against The US Dollar [Oct. 10]

The local currency closed at 460 to the dollar on Friday, firmer than 473 the penultimate Friday, October 7, 2016.

At the official window, the local currency was quoted at 314.50/dollar on the official interbank window at 11:21GMT.

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

The local currency has consistently closed around 305 to the dollar in the last four weeks.

“About 1,700 bureaux de change are currently accessing $15,000 each from Travelex every week and we expect the improved dollar liquidity in the market to have positive impact on the value of the naira,” the President, Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, told Reuters.

The Apex Bank had given approvals to First Bank of Nigeria Limited and Travelex, a global foreign exchange company, to commence sale of dollars to the BDC operators.

READ ALSO: Naira Crashes To All-Time Low Of N472/USD [Sept 28]

Travelex had last week commenced dollar sale to the BDC operators in line with the central bank’s approval and directive.

First Bank also confirmed that it had received the CBN approval to commence sale of dollars to the BDC operators.

Datboyjerry

Datboyjerry

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