The Central Bank of Nigeria (CBN), on Monday, resumed forex sales to the Bureau De Change (BDC) operators. According to the operators, it would strengthen the exchange rate of the naira to the dollar.

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

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

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

As of Friday, the naira traded on the parallel market at N420 to a dollar after trading for N480 a week earlier.

Alhaji Gwadabe expressed satisfaction over the sharp drop in the exchange rate which he believes dealt a huge blow to speculators in the forex market. He revealed that the downward trend would continue with the resumption of international flights in and out of the country.

Mr Isaac Okorafor, the Director, Corporate Communications Department at the CBN, assured the populace 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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