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CBN to increase FX sales to us this week, says BDC president

CBN to increase FX sales to us this week, says BDC president
March 13
21:18 2017
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Aminu Gwadabe, president, Association of bureau de change operators of Nigeria (ABCON), says the Central Bank of Nigeria (CBN) should increase dollar sales to its members this week.

Gwadabe said due to the stability in the oil sector and the increase in the price of oil at the international market, the CBN was now comfortable in entertaining ABCON’s request to increase the volume of dollar sales to its members.

The ABCON boss said that a boost in its weekly volume from $8,000 weekly to $15,000 would sustain the existing efforts in stabilising the naira exchange rate at the forex market.

“We expect that the CBN will increase the weekly dollar sales to about 3200 registered BDC’s nationwide this week.

“This development will help to crash the high exchange rate at the parallel market, thereby stabilising the market that segment of the market.

“The CBN is also collaborating with ABCON to reduce the hiccups encountered by ABCON members in filling their returns to the apex bank.”

The financial expert added that the naira was expected to extend appreciation across the major segments of the forex market this week.

The Nigerian currency gained three points to exchange at N460, from N463 posted on Friday, while the pound sterling and the euro closed at N550 and 476, respectively.

At the BDC window, the naira was sold at N399 to a dollar, CBN controlled rate, while the pound sterling and the euro traded at N547 and N482, respectively.

Trading on the floor of the interbank market saw the Naira closed at N306.00 to a dollar.

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Exchange Rates

November 27, 2018USDGBPEUR
INTERBANK306397354
LAGOS363475418
KANO364476420
PH364476420
ABUJA363478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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