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The Naira on Friday continued to appreciate against the three major currencies at the parallel market.
At the official inter-bank market, the Naira gained slightly remain steady at N304.50 from N304.75 posted on Thursday..
On Friday morning, the currency strengthened against the dollar, euro and British pound at the parallel market to N460, N510 and 560 as against 468, 520 and 570 it posted on Thursday at the forex closing rate respectively.
The resumption of the sale of Diaspora remittances to Bureau De Change (BDCs) by Travelex might be responsible for the currency appreciation.
The Central Bank of Nigeria, CBN, had also terminated the role of all commercial banks expect First Bank of Nigeria acting as agents of international money transfer operators to always sell foreign currency remittances to licensed Bureau De Change (BDC) operators.
The decision which the President of the Bureau de Change Association of Nigeria, Aminu Gwadabe believed was a good one as it would help strengthen naira and improve dollar liquidity in the market.
At the official inter-bank market, the Naira gained slightly remain steady at N304.50 from N304.75 posted on Thursday..
On Friday morning, the currency strengthened against the dollar, euro and British pound at the parallel market to N460, N510 and 560 as against 468, 520 and 570 it posted on Thursday at the forex closing rate respectively.
The resumption of the sale of Diaspora remittances to Bureau De Change (BDCs) by Travelex might be responsible for the currency appreciation.
The Central Bank of Nigeria, CBN, had also terminated the role of all commercial banks expect First Bank of Nigeria acting as agents of international money transfer operators to always sell foreign currency remittances to licensed Bureau De Change (BDC) operators.
The decision which the President of the Bureau de Change Association of Nigeria, Aminu Gwadabe believed was a good one as it would help strengthen naira and improve dollar liquidity in the market.