NAIRA RECOVERS AS FOREX SALES TO BDCS NEAR

Written by on September 1, 2020

THE NAIRA HAS STRENGTHENED BY 1.3 PER CENT AGAINST THE DOLLAR IN THE OFFICIAL MARKET AS THE CENTRAL BANK OF NIGERIA (CBN’S) PLAN TO RESUME FOREX SALES TO BUREAUX DE CHANGE (BDCS) BEGINS SEPTEMBER 7.

FUNDING FOR BDCS WILL PROVIDE MORE DOLLAR LIQUIDITY TO THE PARALLEL MARKET TO KEEP THE NAIRA  STABLE.

THE NAIRA AT THE WEEKEND OPENED FOR TRADE AT N385.50 PER DOLLAR ON THE OFFICIAL MARKET, SUPPORTED BY THE CBN.

IT RECOVERED TO CLOSE AT 381 PER DOLLAR, WHERE IT HAS BEEN STUCK SINCE JULY, MARKET DATA ON NAIRA RATES MOVEMENT SHOWED.

OVER 5,000 CBN-REGISTRED BDCS ARE EXPECTED TO GET $10,000 EACH AT THE TWICE-WEEKLY AUCTIONS TO BE HANDLED BY APPROVED AGENTS ACROSS THE SIX GEOPOLITICAL ZONES.

PRESIDENT ASSOCIATION OF BUREAUX DE CHANGE OPERATORS OF NIGERIA (ABCON), AMINU GWADABE, EXPLAINED THAT EACH BDC’S ACCOUNT WILL BE FUNDED WITH THE NAIRA EQUIVALENT OF THE $10,000 SALE.


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