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The Nigerian naira set to revive its losses as traders anticipate improved dollar supply from international money transfer agencies to ease a shortage, which has pushed down the local currency.
The naira fell to N470 to the dollar on the parallel market yesterday from N455 a dollar last week before retreating to N465 on Friday morning because of surged in demand from small businesses and parents buying foreign currencies to pay school fees abroad.
The currency has remained stable at N305.50 to the dollar on the official window due to support from the central bank.
“The naira should appreciate gradually in the coming days after the expected sales of about $21 million by Travelex, and subsequent extension of dollar sales to bureau de change operators in the other part of the country,” Aminu Gwadabe, president of the association of bureau de change operators, said.
Travelex and First Bank are authorised by the CBN to sell dollar to bureaux de change to boost liquidity and narrow the gulf with the official rate.
The naira fell to N470 to the dollar on the parallel market yesterday from N455 a dollar last week before retreating to N465 on Friday morning because of surged in demand from small businesses and parents buying foreign currencies to pay school fees abroad.
The currency has remained stable at N305.50 to the dollar on the official window due to support from the central bank.
“The naira should appreciate gradually in the coming days after the expected sales of about $21 million by Travelex, and subsequent extension of dollar sales to bureau de change operators in the other part of the country,” Aminu Gwadabe, president of the association of bureau de change operators, said.
Travelex and First Bank are authorised by the CBN to sell dollar to bureaux de change to boost liquidity and narrow the gulf with the official rate.
