Naira appreciates as $1 sells for N460

The naira continued to gain strength as the business opened for the week selling between N460 and N465 to the dollar at the parallel market even as it is expected to strengthen to N375.

Following the sale of about $15 million to Bureaux de Change operators last week, the naira had rallied rising from around N490 to the dollar to N473 at the close of business on Friday.

President of the Association of Bureau de Change Operators of Nigeria (ABCON) Aminu Gwadabe told LEADERSHIP yesterday that the naira will further gain strength to sell in the range of N375 to the dollar.

He noted that the rate at which BDCs buy foreign exchange had been reviewed by Travelex and BDCs are expected to sell within N370 and N375. According to Gwadabe, BDCS in Lagos are expected to get $15,000 each by the end of the week.

He however cautioned BDCs against selling beyond the limit and keeping to the regulations of the apex bank adding that the association has stepped up its monitoring and any operator found wanting would have its license revoked.

Gwadabe also assured BDC operators outside Lagos that the association is in talks with the Central Bank of Nigeria and International Money Transfer Operator, Travelex to work out an arrangement to allow them also access foreign exchange.

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