Naira Continues To Gain As CBN Approves Dollar Supply To BDCs

 

The Naira has continued to gain and may certainly appreciate further this week following the Central Bank of Nigeria’s approval of dollar sale to Bureau De Change operators.


The local currency closed at 460 to the dollar on Friday, firmer than 473 the penultimate Friday, October 7, 2016.
At the official window, the local currency was quoted at 314.50/dollar on the official interbank window at 11:21GMT.

The local currency has consistently closed around 305 to the dollar in the last four weeks.

The Apex Bank had given approvals to First Bank of Nigeria Limited and Travelex, a global foreign exchange company, to commence sale of dollars to the BDC operators.

Travelex had last week commenced dollar sale to the BDC operators in line with the central bank’s approval and directive.
First Bank also confirmed that it had received the CBN approval to commence sale of dollars to the BDC operators.