The Naira yesterday appreciated by N2 at the parallel market following announcement by the Central Bank of Nigeria (CBN) to intervene in the Bureaux de change, BDC segment of the foreign exchange market by selling additional $30,000 to each them on Friday.
In response the parallel market exchange rate dropped to N207 per dollar from N210 on Monday, thus reducing the gap between the official and parallel market exchange rate to N39 from N42.
Meanwhile BDC operators have commenced moves to resolve the leadership crisis in the Association of Bureaux De Change of Nigeria (ABCON), which is the umbrella body of BDCs in the country.
The decision of the apex bank to intervene in the BDC segment was announced in a circular signed by Mr. Olalekan Gbadamosi, Director, Trade and Exchange Department, CBN. The circular titled, “Special Intervention in the Bureaux De Change (BDC) segment of the foreign exchange market”, stated, “This is to inform all licensed operators that in order to improve the liquidity in the BDC segment of the foreign exchange market, the Central Bank of Nigeria will be intervening in the market by selling $30,000 to interested BDCs on Friday 06, February 2015. This is in addition to the weekly sales to operators.
1 comment:
$1 to N207 isn't good enough
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