On Monday, 10th October, 2016, it was reported that Naira consolidated its gain against the dollar at the Forex market.
The News Agency of Nigeria (NAN), reported that since the sale of Diaspora remittances to Bureau De Change (BDCs) by Travelex, the Naira has continued to appreciate.
It was reported that 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.
Trading at the BDCs segment saw an upward review of the official price of the dollar to N380 by the Central Bank of Nigeria.
The President, Association of Bureau De Change Operations of Nigerian, in his remarks stated that, the regulatory authourity had to review the official selling price of dollars to BDCs to encourage Nigerians in Diaspora, whose remittances was being sold to BDCs.
He further stated that the move was to discourage speculators, and the sustained appreciation of the nation’s currency would discourage the patronage of parallel market traders whose activities had continued to widen the gap between the official and parallel market rate.
Written by Okolo Ezinne