Business

Naira gains, exchanges for N457/$

Published

4 years ago

October 7, 2020

The naira gained slightly, as it exchanged to the dollar at N457/$ at the parallel market on Tuesday.

It had earlier exchanged at N465/$ a week earlier..

The President, Association of Bureaux De Change Operators, Alhaji Aminu Gwadabe, said, “The intervention sales of proceeds of international money transfer operators to BDCs have always been positively impactful in the market over the years.

“BDCs remain the most potent tool of the CBN exchange rate stability management.”

The CBN had retained the official exchange rate on its website at N379/$, as it continued moves to ensure the unification of the exchange rates in the country.

Experts have continued to clamour for a single exchange rate.

According to them, it would ease regulatory supervision, ensure transparency and effective price discoveries, and deepen market perfections.