Naira Appreciates To N490/$ As CBN Sells Dollars To BDCs
The Naira, on Wednesday, appreciated to N490 per dollar, as the Central Bank of Nigeria (CBN) commenced sale of dollars to Bureaux de Changes (BDCs).
Recall that the apex bank on the 12th January, announced that the bank will resume the sale of dollars, proceeds of international money transfer (IMT) to BDCs this week.
Alhaji Aminu Gwadabe, President, Association of Bureaux De Change Operators of Nigeria (ABCON), confirmed this development after the BDCs operating in the North West and North Central zones received dollars from the CBN.
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Mr. Harrison Owoh, Managing Director/Chief Executive, H.J Trust BDC, who also confirmed the development said that the CBN approved the sale of $8000 to each BDC to the South West zone.
He said “The expectation of dollar sale has driven the rate down to N490 per dollar. The rate will further go down by the time we receive dollars in Lagos.”
He also confirmed that the dollars were sold to BDCs at N381 per dollar and that they were expected to sell to end users at N399 per dollar. CBN sells dollar proceeds of international money transfer to BDCs through Travelex Nigeria Limited.
Initially, the apex bank sold $15,000 to each BDC but this was limited to BDCs in the South West zone. Later the dollar sales were extended to BDCs in other zones, and the volume was reduced to $8,000 per BDC.
