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BUSINESS & ECONOMYCOVERNEWSLETTER

Naira Adds 1.14% Against Dollar at Spot FX Market

The Naira further surged by 1.14 percent at the interbank or spot FX market on Thursday, October 7, to close at N306.71 to one US Dollar compared to a leapof 3.14 percent recorded on Wednesday when it appreciated to N310.24 to a US Dollar.

This appreciation was buoyed by an announcement made yesterday that global foreign exchange dealer, Travelex has finalised arrangements with the Central Bank of Nigeria, CBN to  start disbursing $15,000 to each of the 3,000 registered Bureaux De Change (BDC) operators, today, Friday, October 7.

The President of Association of Bureau De Change Operators of Nigeria, ABCON, Aminu Gwadabe, who made this known on Thursday, said with each of the 3,000 BDCs getting $15,000 each, a total of $45 million will flow into the system.

Meanwhile, at the parallel market, the Naira hit N473 to the dollar from N475 to the dollar, it closed the previous day. The Naira however weakened to N590 against the Pound Sterling from N585 it was exchanged for previously.

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BWN
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