There are indications that stability is returning to the foreign exchange market with the Central Bank of Nigeria (CBN) resumption of forex sales via the Bureau De Change operators on Monday.
According to the operators, this new development is expected to strengthen the exchange rate of the naira to the dollar.
As part of the efforts to enhance accessibility to foreign exchange, the CBN had announced the plans to resume sale of foreign exchange to BDCs today (Monday). 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 Bureaux De Change Operators of Nigeria, Alhaji Aminu Gwadabe, expressed support for the CBN action on forex sale.
“The anticipated intervention in the BDC sector will ensure stability in the foreign exchange market,” he said.
According to him, 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.
https://frontend.1worldonline.com/widget/smart3-9ce7b7ea.html#!/widget/7dbe50ea-d0c6-4d95-a6ed-c6d775ee8d1e&type=widget&code=7dbe50ea-d0c6-4d95-a6ed-c6d775ee8d1e&mode=smart3&token=7dbe50ea-d0c6-4d95-a6ed-c6d775ee8d1e-1&location=https%3A%2F%2Fpunchng.com%2Fnaira-set-to-gain-as-cbn-resumes-forex-sales%2F about:blank 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.
