Economy
Naira Strengthens Against The Dollar As Bureau De Change Intervention Goes On
The Naira continued its appreciation at the parallel market today, October 12, as it climbed to N468 to the dollar from N470 to the dollar the previous day.
The local currency also strengthened to N570 from N590 against the British Pound Sterling, but crashed to N517 against the Euro from the N510 rate it was yesterday.
The recent growth of the Naira comes on the heels of the intervention of Travelex in the Bureau De Change (BDC) segment of the market.
The Central Bank of Nigeria (CBN) and Travelex last Friday, October 7, started implementing a new arrangement whereby the global forex dealer now sell the greenback to BDCs.
The policy has seen an increase in level of liquidity in the market.
The Naira continued its appreciation at the parallel market today, October 12, as it climbed to N468 to the dollar from N470 to the dollar the previous day.
The local currency also strengthened to N570 from N590 against the British Pound Sterling, but crashed to N517 against the Euro from the N510 rate it was yesterday.
The recent growth of the Naira comes on the heels of the intervention of Travelex in the Bureau De Change (BDC) segment of the market.
The Central Bank of Nigeria (CBN) and Travelex last Friday, October 7, started implementing a new arrangement whereby the global forex dealer now sell the greenback to BDCs.
The policy has seen an increase in level of liquidity in the market.
According to Aminu Gwadabe, president of the Association of Bureau De Change Operators of Nigeria (ABCON), each of the 3,000 BDCs now get $15,000 each, as a total of $45 million now flow into the system weekly.
He lauded the CBN for authorizing Travelex to take responsibility of disbursing huge dollar inflows from the diaspora estimated at $21 billion annually to BDCs.
He said the development, which was an improvement from the initially approved $10,000 weekly, would deepen dollar liquidity in the system and strengthen the naira against the dollar.
Gwadabe, said the experience and integrity of Travelex would be key in getting the dollars down to BDCs.
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