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.
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.
