Naira To Appreciate As BDCs Expect $15million Next Week

Having crashed to a low of almost N500 to the dollar in recent weeks at the parallel market, the naira is seen appreciating next week as bureau de change operators would be getting around $15 million.The Central Bank of Nigeria(CBN), had directed through a circular to authorised dealers, that all agents to approved International Money Transfer Operators(IMTOs) sell foreign currency accruing from inward money remittances to licensed BDCs. The directive was meant to ensure stability of the exchange rate and encourage participation of critical stakeholders in the foreign exchange market. The naira which sold as low as N390 to the dollar last week had begun to gain strenght last weekend after about 820 BDCs bought foreign exchange from IMTOs. President of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, told LEADERSHIP that about 820 BDCs had bought $10,000 each lastweekend. Read more here http://leadership.ng/news/cover-stories/553549/naira-to-appreciate-as-bdcs-expect-15m-next-week?utm_source=dlvr.it&utm_medium=twitter