The Nigerian Naira on Monday, October 10, has remained at N473/$1 in the black market as it was on Friday, October 7.
This would leave Naira’s black market value rate unchanged since it appreciated from N475 posted on Wednesday, October 5.
The local currency also maintained the N590 rate to the Pound Sterling but weakened from N510 to N512 against the Euro.
According to currency traders, the recent come back of the local currency can be attributed to the introduction of Travelex, a licensed forex dealer.
It is believed that the Naira is expected to make more surprise recovery from this week as Travelex, a global foreign exchange (forex) dealer, begins the sale of $15,000 weekly to each of the 3,000 Bureaux De Change (BDC) operators.
Aminu Gwadabe, the president of the Association of Bureau De Change Operators of Nigeria (ABCON), has also disclosed that $45 million will flow into the financial system with each of the BDCs getting $15,000.
The exercise, he said, would strengthen the Naira in both the official and parallel markets. Gwadabe also disclosed that about 1,500 BDCs would access $15,000 each from the IMTO this weekend.
Meanwhile, you can check out NAIJ.com’s Bureau De Change ‘market’ here for the best rates on foreign exchange.
Source : Naij.comNaij.com