The Nigerian Naira, on Tuesday, June 5, took an upswing against the United States of America Dollar at the parallel segment of the Nigerian Foreign Exchange Market.
The local currency added one point against the greenback on Tuesday, at the Parallel market, closing at the rate of N362/$ as against the rate of N363/$ which it traded for on Monday, June 4.
The naira, also appreciated against the European Single Currency, Euro, trading at the rate of N422 at the black market. Against the British Pound Sterling, the local currency closed at the rate of N490.
Meanwhile, the Central Bank of Nigeria, CBN, has approved an upward review of the trading margin for operators of Bureau De Change (BDC) in the country by N3.
Acting director, corporate communications of the apex bank, Isaac Okorafor, in a statement on Monday, June 4, in Abuja, said henceforth, BDC operators would buy the United States (US) dollar from the CBN at N357 per dollar to sell at N360.
Okorafor stated that this would provide a positive margin of N3.00 per dollar sold to BDC operators by the apex bank. Okorafor said the decision was aimed at giving BDCs a level playing field to enable them compete favourably with other authorised foreign exchange dealers.
He urged BDC operators to abide by the new guidelines and not seek to exploit eager customers by selling above the N360 band. He warned that erring BDCs would be sanctioned in any case of infraction established against them.
