CBN confirms more BDC for IMTO dollar purchase as Naira appreciates

In a bid to deepen the foreign exchange market, the Central Bank of Nigeria (CBN) has confirmed another 3,114 Bureaux de Change (BDCs) to buy dollars sourced from International Money Transfer Operators (IMTOs).

Recall that the Apex bank in May, 2016, approved 35 licensed IMTOs which include Aftab Currency Exchange Limited, AWS Malta Limited, Caperemit UK Limited, Centrexcard Limited, Colony Capital Limited among others.

Others are Ria, Western Union, MoneyGram, WorldRemit RANS-Fast Remittance, UAE Exchange Center LLC, Wari limited, and Home Send S.C.R.L among others to help Nigerians in Diaspora remit dollar home and boost dollar liquidity.

Meanwhile, Nigeria Nigeria retail currency bureaux has bided for $25 million from international money transfer firm, Travelex, at 381 per dollar, ABCON has disclosed.

Thursday’s amount is an increase from the $18 million sold weekly by Travelex, Aminu Gwadabe said, adding that the central bank had approved more bureau de change operators participating at the sale.

The central bank, under pressure from the government to narrow the widening spread between the official and black market rates and support its ailing naira, has stepped up dollar sales on the interbank market in recent weeks.

The Nigerian Naira on Thursday, March 9, appreciated against the American Dollar and Pound Sterling at the parallel market but crashed against the Euro.

According to reports, the local currency has strengthened to N462 per US dollar as against the N465 rate it was on Wednesday, March 8.

The Naira also appreciated to N550 against the Pound from the previous rate of N560.

However, the local currency crashed to N477 per Euro as against the previous rate of N475.