Naira Firms Up to N460/$ At Parallel Market

The Naira gathered momentum in the new week trading between N460 and N465 to the dollar at the parallel market on Monday, October 10, even as it is expected to strengthen to N375.
At the interbank segment of the money market, the local currency appreciated by 0.65 percent at the spot FX market on Monday to close at N304.75 to one US Dollar compared to the decline of 0.01 percent recorded last Friday when the Dollar was exchanged for N306.75.

The naira had since rallied leaping from around N490 to the dollar to N473 at the close of business on Friday.Following the sale of about $15 million to Bureaux de Change operators last week,

President of the Association of Bureau de Change Operators of Nigeria, ABCON, Aminu Gwadabe who spoke on the development said naira is poised to further rise in value and exchange in the range of N375 to the US dollar.

According to the ABCON Boss, the rate at which BDCs buy foreign exchange had been reviewed by Travelex and BDCs are expected to sell within N370 and N375. According to Gwadabe, BDCS in Lagos are expected to get $15,000 each by the end of the week.

He also assured BDC operators outside Lagos that the association is in talks with the Central Bank of Nigeria and International Money Transfer Operator, Travelex to work out an arrangement to allow them also access foreign exchange.

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