Naira Gains As CBN Commences Sale Of Dollars To BDCs

Naira Gains As CBN Commences Sale Of Dollars To BDCs

The Naira on Wednesday appreciated to N490 against the dollar in the parallel market, from the N497 it sold earlier this week.

This was prompted by the Central Bank of Nigeria (CBN), as it commenced the sale of dollars to bureaux de changes (BDCs).

Speaking to Vanguard Newspaper, the President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, said that BDCs in the North West and North Central zones received dollars from the CBN.

Also confirming the development, Managing Director/Chief Executive, H.J Trust BDC, Mr. Harrison Owoh, said that the CBN approved the sale of $8000 to each BDC, and that BDCs in the South West zone were expecting to receive their dollars today.

    Owoh stated: “The expectation of dollar sale has driven the rate down to N490 per dollar. The rate will further go down by the time we receive dollars in Lagos.”

He also confirmed that the dollars were sold to BDCs at N381 per dollar and that they were expected to sell to end users at N399 per dollar. CBN sells dollar proceeds of international money transfer to BDCs through Travelex Nigeria Limited.

Initially, the apex bank sold $15,000 to each BDC but this was limited to BDCs in the South West zone. Later the dollar sales were extended to BDCs in other zones, and the volume was reduced to $8,000 per BDC.