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.
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