The resumption of forex sales to the Bureau De Change operators by the Central Bank of Nigeria on Monday ( today) will strengthen the exchange rate of the naira to the dollar according to the operators .
In a circular , 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 N 420 to a dollar on Friday sold for N 480 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 .
The Director , Corporate Communications Department at the CBN , Isaac Okorafor , assured that those requiring foreign exchange for purposes of travel, educational fees and other invisibles could obtain such over the counter from their respective banks .
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