The Nigeria Naira today was recorded gain against the dollar as it currently trades at N465/$1 in the black market, which makes it higher than the N470/$1 rate it remained for the past one week.
The gain recorded by the nation’s currency on the unofficial segment of the market can be attributed to improved dollar liquidity to the Bureau De Change (BDC) arm of the market, economists said.
It was also recorded, last month, that the Central Bank of Nigeria appointed Travelex and FirstBank Nigeria Limited as the only two institutions responsible for the sale of the greenback to BDCs. This decision was taking to ensure improved dollar supply to the foreign currency traders. Alhaji Aminu Gwadabe, President of Association of Bureau De Change Operators said :
“The CBN Governor, Mr. Godwin Emefiele, met with the International Money Transfer Organisations in London on Saturday. The government is trying to woo these operators to enable them to bring more forex into the country. This will boost supply. Already, the exchange rate, which the IMTOs can sell dollars to the banks has been increased from 336 to 375. “At the association level, we have created committees that will check sharp practices in the market. All these will yield results.”
Alhaji Aminu Gwadabe,President of Association of Bureau De Change Operators also added that efforts being made by the CBN to boost supply would make the Naira to appreciate in coming months.