Naira Appreciates Amidst SSS Crackdown On BDCs

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Naira Gains 'Overwhelmingly' Against Dollar [Nov. 8]

The Naira on Friday appreciated against the US Dollar, amidst a crackdown on Bureau De Change operators (BDCs), by operatives of the State Security Service (SSS).

The premier security service started raiding the offices of some currency traders across major cities in Nigeria on Wednesday, in an attempt to contain the illegal activities responsible for the decline in value of the local currency.

READ ALSO: Naira Gains ‘Overwhelmingly’ Against Dollar [Nov. 8]

The crackdown is coming in the wake of a meeting between the Central Bank of Nigeria (CBN), the leadership of the Bureau de Change (BDC) association and the security service.

The meeting was aimed at finding ‘lasting’ solutions to the poor performance of the national currency against other international currencies, particularly the dollar, in the money market.

With this, the naira responded positively on Friday against the dollar in all segments of the foreign exchange market.

At the interbank market, the currency gained N1.45 to its exchange value to the dollar, closing at about N304.75, from N306.50 recorded on Thursday.

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

In the parallel market, the Naira gained N5, exchanging at about N455, from N460 recorded on Thursday, while the Pound Sterling and the Euro closed at N555 and N505 respectively.

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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