Naira to gain as CBN resumes forex sales

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Naira notes

The resumption of forex sales to the Bureau De Change (BDC) operators by the Central Bank of Nigeria (CBN) on Monday (today) will strengthen the exchange rate of the naira to the dollar according to the operators.

The CBN in a circular had announced plans to resume sale of foreign exchange to BDCs today as part of effort to enhance accessibility to foreign exchange.

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

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

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

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

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

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