News
Naira Exchange Rate At N470/$ On Friday Night
The Nigerian Naira on Friday evening gained slightly, exchanging for N470/$, which was a reduction in the selling price of N476/$ it was on Friday morning.
This drop-in selling price came after the Central Bank of Nigeria announced the resumption of forex sales to the Bureau De Change market on Thursday.
The Naira had sold at N470/$ on Friday night.
In a secular released on Thursday, the CBN said, “As part of efforts to enhance accessibility to foreign exchange particularly to travellers following the announcement of limited resumption of international flights by the Honourable Minister of Aviation, commencing with Abuja and Lagos, the Central Bank of Nigeria hereby wishes to inform the general public that gradual sales of foreign exchange to licensed BDC operators will commence with effect from September 07.”
“Consequently, purchase of foreign exchange by BDCs shall be on Mondays and Wednesdays in the first instance.”
The President of the Association of Bureaux De Change Operators of Nigeria, Alhaji Aminu Gwadabe said: “The naira has gained over $5/$ today at the close of business due to only announcement of the resumption of sales to the BDCs as it closed at N470/$ from all high of N476/$ in the morning.”
“With the take off of the policy, we expect a strong naira positivity in the market.”
Gwadabe noted that BDCs have remained the monetary tool of the CBN exchange rate stability instrument.
He further said, “The resumption of sales to the BDCs will in no doubt inject a robust liquidity to the critical retail end sector of the market and usher in stability, discourage, hoarding and speculation.”
“ABCON has embraced innovation, awareness and capacity building measures to guide members and ensure their total compliance with extant foreign exchange regulations.”
