Business Naira to Appreciate Further as CBN Schedule Dollar Sale to BDCs



The Naira is expected to appreciate further at the parallel market in the coming weeks as the Central Bank of Nigeria, CBN, plans to begin selling dollar to bureau de change operators.

CBN on Thursday said it will sell dollars twice every week to BDCs from next week and step up dollar supplies to them in a bid to boost liquidity.

CBN added that it will increase the amount it offers at the sales to $10,000 per exchange bureau from $8,000 and would announce a new rate on April 3.

The currency at the moment trades at 380 per dollar at the parallel market.

Nigeria has more than 3,000 licenced retail forex operators.


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