Naira now exchanges for N470/$ after CBN’s resumption of forex sales

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Following Central Bank of Nigeria’s announcement on Thursday to resume forex sales to the Bureau De Change segment of the market, naira gained slightly on Friday, exchanging for N470/$ in the parallel market.

The naira had exchanged N476/$ earlier in the day.

The CBN had in a circular stated “As part of efforts to enhance accessibility to foreign exchange particularly to travellers following the announcement of limited resumption of international flights by the Honourable Minister of Aviation, commencing with Abuja and Lagos, the Central Bank of Nigeria hereby wishes to inform the general public that gradual sales of foreign exchange to licensed BDC operators will commence with effect from September 07.

“Consequently, purchase of foreign exchange by BDCs shall be on Mondays and Wednesdays in the first instance.”

The President, Association of Bureaux De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said, “The naira has gained over $5/$ today at the close of business due to only announcement of the resumption of sales to the BDCs as it closed at N470/$ from all high of N476/$ in the morning.

“With the take off of the policy, we expect a strong naira positivity in the market.”

He said the BDCs had always remained the potent monetary tool of the CBN exchange rate stability instrument.

Gwadabe said, “The resumption of sales to the BDCs will in no doubt inject a robust liquidity to the critical retail end sector of the market and usher in stability, discourage, hoarding and speculation.

“ABCON has embraced innovation, awareness and capacity building measures to guide members and ensure their total compliance with extant foreign exchange regulations.”

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