Naira may rise as CBN resumes forex sales

The Naira may be set to gain strength against the Dollar after the resumption of forex sales to the Bureau De Change operators by the Central Bank of Nigeria on Monday (today, according to the operators.

This comes after the CBN had announced plans to resume sale of foreign exchange to BDCs today as part of effort to enhance accessibility to foreign exchange.

The naira, which traded on the parallel market at N420 to a dollar on Friday sold for N480 a week earlier.

The President, Association of Bureaux De Change Operators of Nigeria, Alhaji Aminu Gwadabe, expressed support for the CBN action on forex sale.

“The anticipated intervention in the BDC sector will ensure stability in the foreign exchange market,” he said.

According to him, speculators in the forex market had been dealt a huge blow with the sharp drop in the exchange rate, which he said would continue a downward trend with the resumption of international flights in and out of the country.

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