According to the operators, forex sales resumption to the Bureau De Change by the Central Bank of Nigeria on Monday will strengthen the exchange rate of the naira to the dollar. The CBN who had earlier announced plans to resume sale of foreign exchange to BDCs today as part of effort to enhance accessibility to foreign exchange.
Alhaji Aminu Gwadabe, the President, Association of Bureaux De Change Operators of Nigeria, expressed support for the CBN action on forex sale.
He said, “The anticipated intervention in the BDC sector will ensure stability in the foreign exchange market,”
According to the president, speculators in the forex market had been dealt a huge blow with the sharp drop in the exchange rate, and said would continue a downward trend with the resumption of international flights in and out of the country.
Also, Isaac Okorafor, the Director, Corporate Communications Department at the CBN, assured that those requiring foreign exchange for purposes of travel, educational fees and other invisibles could obtain such over the counter from their respective banks.
The naira, which traded on the parallel market at N420 to a dollar on Friday was sold for N480 a week earlier.