The local currency on Thursday strengthened to N460 from N465 per dollar at the black market after the International Money Transfer Operators (IMTOs) sold about $24.9 million to 3114 Bureau De Change Operators (BDCs).
At the Lagos International Airport and Festac, the foreign currency traded at N460 per dollar, while it was quoted at N400 per dollar at the BDC segment, one trader told BusinessDay.
However, the nation’s currency depreciated by N0.10k to close at N305.80k per dollar from N305.70k the previous day at the inter-bank market, data from FMDQ show.
The CBN on Wednesday cleared 3114 BDCs for this week collection of the proceeds of IMTOs according to Aminu Gwadabe, acting president, Association of Bureau De Change Operators (ABCON).
Travelex, the global currency dealer sold dollar to 3114 BDCs for $8,000 at the rate of N381 per dollar. Gwadabe disclosed that the CBN may next week increase the weekly dollar sales to BDCs from $8,000 to $15,000 each.
Scarcity of dollar was noticed at some Bureau De Change segment of the forex market, while those who still have sold at N460 per dollar.
Gwadabe, explained that the volatility in the market is evidenced of the scarcity at the BDC sub sector despite the injection of liquidity in the interbank market by the CBN.
“ABCON is working with CBN for review of volumes for the BDCs next week from the present volume of $8000:00 per week to $15000:00 weekly from the beginning of next week.
ABCON therefore wish to warn members not be involve in hoarding and speculation as the apex bank is determined to smoke speculators and hackers out of their holes”, Gwadabe said in a phone message.
The central bank, under pressure from the government to narrow the widening spread between the official and black market rates and support its ailing naira, has stepped up dollar sales on the interbank market in recent weeks.
HOPE MOSES-ASHIKE
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
