Naira To Appreciate As CBN Approves Dollar Sale To BDCs

By Adebayo Williams

The approval of the sale of dollar to Bureau De Change operators is expected to help the naira continue its steady gain against the green back. The Central Bank of Nigeria has given approval to First Bank of Nigeria Limited and a global foreign exchange company, Travelex, to start selling dollars to the BDCs. The naira closed at 460 to the dollar on Friday, stronger than 473 the previous Friday.  The local currency has consistently closed around 305 to the dollar in the last four weeks.

“About 1,700 bureaux de change are currently accessing $15,000 each from Travelex every week and we expect the improved dollar liquidity in the market to have positive impact on the value of the naira,” the President, Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, told Reuters.


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