• Contact Us
  • About Us
Sunday, June 22, 2025
  • Login
MetroBusinessNews
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
MetroBusinessNews
No Result
View All Result
ADVERTISEMENT
Home Economy

Naira to gain strength as CBN, BDCs seek supply measures

metro by metro
November 17, 2016
in Economy
0
Naira
0
SHARES
0
VIEWS

The local currency is expected to gain strength going forward following some measures by the Central Bank of Nigeria (CBN) to ensure availability of dollar in the foreign exchange market.

The CBN and the ruling body of Bureau De Change operators again met yesterday to discuss on how other operators outside Lagos could purchase dollar.

Read Also

Investors Brace For Oil Price Spike, Rush To Havens After US Bombs Iran Nuclear Sites

Trump Says May Change Mind About Firing Fed Chair, Powell

CBN’s Forbearance Policy, CRR, LRR May Threaten Banks’ Lending, Proposed $1tn Economy

Consequently, the two regulating bodies agreed to set up three collection centers outside Lagos where qualified BDCs can receive dollars.

Aminu Gwadabe, acting president, Association of Bureau De Change Operators of Nigeria (ABCON) told Metro Business that BDCs will start funding their account on Monday, in anticipation of getting dollar on Wednesday.

He said that BDCs are buying dollar at N390/$ and selling N400/$ but the challenge is that there is serious resistance to the new pegged exchange rate by the sellers.

Last week, the CBN in collaboration with the security agencies clamped down on BDCs who sold dollar above N400/$.

The association body of BDCs had on Tuesday sent a text message to its members to comply with the forced exchange rate.

“The text message reads, “to all South West BDCs: this week November 14-19, 2016 rates are: N381/$ for buying and N399/$ for selling. Please ensure compliance and tell others. Thanks, South West chairman”.

At the foreign exchange market yesterday, naira closed at N400 against the US dollars, gaining N8.00k compared to N408/$ closed the previous day at the BDC segment.

However, the nation’s currency depreciated at the parallel market and inter-bank market due to increased demand for the greenback.

It closed at N465 against the dollar from N455/$ the previous day, losing N10.00k or 2.19 percent. At the inter-bank spot market, naira lost No.25k or 0.082 percent against the dollar as it closed at N305.50k yesterday as against N305.25 on Tuesday, data from FMDQ show.

Previous Post

CBN automates issuance Certificate of Capital Importation (CCI)

Next Post

Nigerians to wait beyond December for new Lagos Airport Terminal

Related Posts

Investors Brace For Oil Price Spike, Rush To Havens After US Bombs Iran Nuclear Sites
Economy

Investors Brace For Oil Price Spike, Rush To Havens After US Bombs Iran Nuclear Sites

June 22, 2025
Trump Accuses Fed, Powell Of Creating Inflation On Heels Of Rate Decision
Economy

Trump Says May Change Mind About Firing Fed Chair, Powell

June 21, 2025
CBN
Economy

CBN’s Forbearance Policy, CRR, LRR May Threaten Banks’ Lending, Proposed $1tn Economy

June 18, 2025
Dollars
Economy

Israel-Iran Conflict May Trigger FDI Decline In Nigeeia, Ghana- Report

June 16, 2025
Next Post
MMA

Nigerians to wait beyond December for new Lagos Airport Terminal

Niger To Nationalise Uranium Mine Operated By France’s Orano As Relations Sour

Niger To Nationalise Uranium Mine Operated By France’s Orano As Relations Sour

June 22, 2025
Heineken Loses Operational Control Of Facilities In Congo’s War-Hit East

Heineken Loses Operational Control Of Facilities In Congo’s War-Hit East

June 22, 2025
11 Civilians Killed, Many Injured As Suicide Bomber Strikes In Borno

11 Civilians Killed, Many Injured As Suicide Bomber Strikes In Borno

June 22, 2025
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate

© 2022 Metro Business News

Go to mobile version