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The Central Bank of Nigeria’s approval of sales of US dollars to BDC (Bureau De Change) operators is expected to aid Naira appreciation against the dollar this week.

The CBN has since given approval to Travelex, a global forex company, and First Bank of Nigeria (FBN) to begin sale of US dollars to the BDC operators.

While Travelex began their dollar sale last week, FBN stated that it had received authority from the apex body to also begin sale of dollars to BDC operators.

The naira closed at 460 to the dollar on Friday, firmer than 473 the previous Friday. At the official window, the local currency was quoted at 314.50/dollar on the official interbank window at 11:21GMT.

The local currency has consistently closed around 305 to the dollar in the last four weeks.

Source: http://punchng.com/naira-continue-gain-dollar-supply-bdcs/

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