The Naira, on Thursday, October 6, appreciated at the parallel market to N473 to the dollar from N475 to the dollar, it closed the previous day.
The leap in the value of the Nigeria currency came on the heels of the implementation of a new arrangement between the Central Bank of Nigeria, CBN, and global foreign exchange dealer, Travelex.
An announcement was made yesterday that Travelex would today, Friday, October 7, start disbursing $15,000 to each of the 3,000 registered Bureaux De Change (BDC) operators.
President, Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, who disclosed this yesterday, said with each of the 3,000 BDCs getting $15,000 each, a total of $45 million will flow into the system.
He hailed the apex bank for authorising Travelex to take responsibility of disbursing huge dollar inflows from the diaspora estimated at $21 billion annually to BDCs.
According to hum, the development, which was an improvement from the initially approved $10,000 weekly, would deepen dollar liquidity in the system and strengthen the naira against the dollar.
Also, at the interbank market, the spot rate of the naira soared to N307 to the dollar yesterday, compared to the N311 to the dollar it closed the previous day.
