The president of the Association of Bureau De Change operators, Aminu Gwadabe has said that the naira should appreciate gradually in a few days, especially after the expected sales of about $21m by Travelex and subsequent extension of dollar sales to bureau de change operators in other parts of the country.
The naira is seen reversing its losses as traders anticipate improved dollar supply from international money transfer agencies to ease a shortage which has pushed down the local currency this week.
The naira fell to N470 to the dollar on the parallel market yesterday from N455 a dollar last week because of surge in demand from small businesses and parents buying foreign currencies to pay school fees abroad. The currency has remained stable at N305.50 to the dollar on the official window due to support from the Central Bank.
Travelex and First Bank are authorised by the CBN to sell dollar to bureaux de change to boost liquidity and narrow the gulf with the official rate.
