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The naira is expected to appreciate further this week following the Central Bank of Nigeria’s approval of dollar sale to Bureau De Change operators.
The CBN has given approvals to First Bank of Nigeria Limited and Travelex, a global foreign exchange company, to commence sale of dollars to the BDC operators.
Travelex had last week commenced dollar sale to the BDC operators in line with the central bank’s approval and directive.
First Bank also said it had received the CBN approval to commence sale of dollars to the BDC operators.
The naira opened trading at 460 to the dollar on Monday, firmer than 478 the previous week. At the official window, the local currency was quoted at 307.77/dollar on the official interbank window, according to FMDQ forex platform.
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 CBN has given approvals to First Bank of Nigeria Limited and Travelex, a global foreign exchange company, to commence sale of dollars to the BDC operators.
Travelex had last week commenced dollar sale to the BDC operators in line with the central bank’s approval and directive.
First Bank also said it had received the CBN approval to commence sale of dollars to the BDC operators.
The naira opened trading at 460 to the dollar on Monday, firmer than 478 the previous week. At the official window, the local currency was quoted at 307.77/dollar on the official interbank window, according to FMDQ forex platform.
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.