Naira set to appreciate as BDCs get $15m

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The value of the naira is expected to witness a significant appreciation next week as Bureau de Change, BDC operators would receive around $15 million.

The Central Bank of Nigeria, CBN, had through a circular to authorised dealers, directed that all agents approved by International Money Transfer Operators, IMTOs, sell foreign currency accruing from inward money remittances to licensed BDCs.

The directive was meant to ensure stability of the exchange rate and encourage participation of critical stakeholders in the foreign exchange market.

The naira which sold as low as N390 to the dollar last week had begun to gain strength last weekend after about 820 BDCs bought foreign exchange from IMTOs.

President of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, revealed that about 820 BDCs had bought $10,000 each last weekend.

Gwadabe said about 1,500 BDCs would access $15,000 each from the IMTO this weekend. This he said, would further give strength to the naira at the parallel market in the coming days.

 

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