The Naira on Wednesday, October 19, closed at N304.75 to the dollar at the official interbank or Spot FX market from N305 recorded on Tuesday, October 18.
The Nigerian currency at the parallel market exchanged for N450, N545 and N495 to the U.S dollar, pound sterling and the Euro, respectively.
However, at the Bureau De Change (BDC) window, the naira exchanged at N385 to the dollar, while the pound sterling and the Euro traded at N550 and N504, respectively.
Traders at the market expressed optimism that the licensing of additional 20 International Money Transfer Operators (IMTO) would bring more liquidity to the market.
Also, NAN reports that the Naira is inching towards the N280 to the dollar opening rate at the Financial Markets Dealers Qoute (FMDQ).
In similar development, the Central Bank of Nigeria is interfacing with IMTOs to sell the proceeds of Diaspora remittances to BDCs, in an effort to conserve the nation’s foreign reserve and to liberalise the foreign exchange market.
