Again, Naira appreciates against the Dollar

The Naira on Monday consolidated its gain against the dollar at the forex market, the News Agency of Nigeria reports. NAN reports that since the resumption of the sale of Diaspora remittances to Bureau De Change (BDCs) by Travelex, the Naira had continued to appreciate.

At the official inter-bank market, the Naira closed at N304.75 from N306.71 posted on Friday.

It firmed against the dollar and other currencies at the parallel market as it closed at N470, N580 and N510 from N473, N590 and N512 posted on Friday.

Trading at the BDCs segment saw an upward review of the official price of the dollar to N380 by the Central Bank of Nigeria.

In his remarks, Aminu Gwadabe, said that the regulatory authority had to review the official selling price of dollars to BDCs to encourage Nigerians in Diaspora, whose remittances was being sold to BDCs.

Mr. Gwadabe, who is the President, Association of Bureau De Change Operators of Nigeria, said that the move was to discourage speculators.

He said the sustained appreciation of the nation’s currency would discourage the patronage of parallel market traders.

Mr. Gwadabe said the activities of parallel market traders had continued to widen the gap between the official and parallel market rate.