Monday, 10 October 2016

Naira appreciates against the dollar

The Forex market is reporting that the Naira cemented its gain against the dollar on Monday.

Punch gathered that since the resumption of the sale of Diaspora remittances to Bureau De Change by Travelex, the Naira had continued to appreciate. 

At the official inter bank market, the Naira closed at N304.75 from N306.71 posted on Friday.
It firmed against the dollar and other currencies at the parallel market as it closed at N470, N580 and N510 from N473, N590 and N512 posted on Friday.

 Alhaji Aminu Gwadabe the President of Association of Bureau De Change of Nigeria reiterated that that the regulatory authority had to review the official selling price of dollars to BDCs to encourage Nigerians in Diaspora, whose remittances was being sold to BDCs.

He stressed that the move was to discourage speculators. He noted that it was important to  bridge the gap between official and parallel market rate.


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