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Naira appreciates to ₦420 to $1

The Central Bank of Nigeria says it will inject liquidity into the foreign exchange market by selling forex to licensed Bureau De Change operators.

In a statement by the Bank’s Director of Corporate Communications, Mr. Isaac Okoroafor, the sale to BDC would be gradual and be done twice a week, hence the BDCs had been directed to ensure that their accounts with their banks are adequately funded to ensure seamless transactions.

Okorafor urged registered BDCs to comply with the CBN guidelines as the Bank would not hesitate in sanctioning erring dealers.

He also assured that those requiring foreign exchange for travel, tuition and other invisibles could obtain such over the counter from the banks.

Meanwhile, the President of the Association of Bureau de Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe has expressed support for the CBN’s action, saying the intervention would ensure stability in the foreign exchange market.

Following the announcement, the value of the Naira appreciated to ₦420 to $1 on Wednesday as against ₦480 on Monday.

Biodun Dare

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