BEVERLY HILLS, January 18, (THEWILL) – The naira on Monday strengthened against the dollar as the Bureau De Change operators (BDCs) await a circular from the Central Bank of Nigeria (CBN) on how to get supply from international oil companies.
After trading on Monday, the naira firmed against the dollar by N6 or 2 percent each at the BDC segment of the foreign exchange (FX) market and the parallel market.
The local currency closed at N294/$ compared with N300/$ traded last week at the BDC segment of the FX market. It closed at N296/$ yesterday as against N302/$ on Thursday last week.
However, at the inter-bank FX market, it depreciated slightly in value against the greenback by N0.28k or 0.14 percent. It closed at N197.54k/$ on Monday from N197.26k/$ on Friday last week, according to data from FMDQ.
However, the CBN’s clearing rate remained unchanged, closing at N197/$ at the inter-bank FX as seen on FMDQ website.
Aminu Gwadabe, acting president, Association of Bureau De Change Operators of Nigeria (ABCON), had revealed last night that the CBN intends to assist them get dollar from international oil companies which will help improve FX liquidity in the market.
“We are waiting for the CBN circular. The CBN is trying to issue a circular on how and where to get dollar. It is planning to provide oil company foreign exchange,” he said by phone.
Meanwhile, reports indicate that banks are now sending messages to their customers informing them to transfer FX cash deposit paid into their account.
Story by David Oputah
