Sale of Forex by BDCs boosts Naira strength

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As Bureau De Change, BDCs, resumed the sale of Forex from Travelex window, the Nigerian currency has started recovering, the News Agency of Nigeria, NAN, reports.

NAN reports that Travelex, a licensed International Money Transfer Organisation (IMTO) resumed the sale of Forex last Friday on a weekly basis to BDCs.

Trading on the floor of the BDCs on Tuesday in Lagos saw the Naira exchanged at N355 to the dollar, while the Pound Sterling and the Euro traded for N570 and N500 respectively.

At the parallel market, the Naira traded at N476, N585 and N510 against the dollar, Pound Sterling and the Euro respectively.

The Naira, however, fell at the official interbank market as it traded at N320 to the dollar, from N311 posted on Monday.

Meanwhile, Harisson Owoh, a BDC operator, said that Travelex was selling 10,000 dollars weekly to each BDC that would be able to fund its account before the stipulated time.

Mr. Owoh said that the sale of forex by Travelex was subject to its availability.

He added that BDCs only sold to their clients above official price, only if the forex at their disposal was sourced from autonomous sources.



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