The Naira on Monday, October 17, recorded another gain against the dollar as it closed at N455/$1 in the black market. This is higher than the N460/$1 it was on Friday, October 14.

According to economists, the steady gains recorded by the nation’s currency on the unofficial segment of the market in the past few days, can be attributed to improved dollar liquidity to the Bureau De Change (BDC) arm of the market.


NAIJ.com recalls that the Central Bank of Nigeria had last week appointed Travelex and FirstBank Nigeria Limited as the only two institutions responsible for the sale of the greenback to BDCs, in its bid to ensure improved dollar supply to the foreign currency traders.

This followed the suspension of 19 other commercial banks from same role as a result of their failure to fully comply with a directive, which required commercial banks that act as agents of international money transfer operators to always sell foreign currency remittances to licensed BDC operators.


However, Alhaji Aminu Gwadabe, president of the Association of Bureau De Change of Nigeria (ABCON), has welcomed the move by the central bank, saying it would help strengthen the naira and improve dollar liquidity in the market.


He said: “If you check, since Travelex started selling to BDCs, speculation has reduced in the market and the naira is on the path of recover.”

The Naira also remained steady at 307.77/dollar on the official interbank window.

Lalasticlala, Mynd44

BiafraBushBoy:
The way Naira falls...===>>>> 200 ==> 350 ===>> 450===>>> 475

The way it appreciates ==>> 475 ==> 471==>> 469==> 460

The question is why??

BiafraBushBoy:
The way Naira falls...===>>>> 200 ==> 350 ===>> 450===>>> 475

The way it appreciates ==>> 475 ==> 471==>> 469==> 460

The question is why??

jose556:
Easy to destroy, hard to build.... The irony of life