CBN calls for forex sales resumption to strengthen the exchange rate

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The resumption of forex sales to the Bureau De Change (BDC) operators by the Central Bank of Nigeria (CBN) on Monday will strengthen the exchange rate of the naira to the dollar according to the operators.

In a circular, the CBN had announced plans to resume sale of foreign exchange to BDCs today as part of the effort to enhance accessibility to foreign exchange.

Daily Times gathered that the naira, which traded on the parallel market at ₦420 to a dollar on Friday sold for ₦480 a week earlier.

The President, Association of Bureaux De Change Operators of Nigeria, Alhaji Aminu Gwadabe, expressed support for the CBN action on forex sale.

“The anticipated intervention in the BDC sector will ensure stability in the foreign exchange market,” he said.

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According to him, speculators in the forex market had been dealt a huge blow with the sharp drop in the exchange rate, which he said would continue a downward trend with the resumption of international flights in and out of the country.

The Director, Corporate Communications Department at the CBN, Isaac Okorafor, assured that those requiring foreign exchange for purposes of travel, educational fees and other Invisibles could obtain such over the counter from their respective banks.

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Oluwadamilola Adedeji

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