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Naira Gains Against Dollar As CBN Resumes Forex Sales

by on September 8, 2020
 

According to the operators, the resumption of forex sales to the Bureau De Change operators by the Central Bank of Nigeria (CBN) yesterday, strengthened the exchange rate of the naira to the dollar.

As part of effort to enhance accessibility to foreign exchange, the Apex bank had in a circular announced plans to resume sale of foreign exchange to BDCs yesterday.

The naira, which traded on the parallel market at N420 to a dollar last week Friday sold for N480 a week earlier.

Alh. Aminu Gwadabe, President, Association of Bureaux De Change Operators of Nigeria, expressed support for the CBN action on forex sale.

Alh. Gwadabe said, “The anticipated intervention in the BDC sector will ensure stability in the foreign exchange market.”

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He said speculators in the forex market had been dealt a huge blow with the sharp drop in the exchange rate, adding that it would continue a downward trend with the resumption of international flights in and out of the country.

Mr. Isaac Okorafor, Director, Corporate Communications Department at the CBN, assured that those requiring foreign exchange for purposes of educational fees, travel and other invisibles could obtain such from their respective banks.

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