Travelex, a global foreign exchange dealer, on Friday resumed sale of dollars directly to travellers at N356 to a dollar. The firm’s office inside the Murtala Muhammed International Airport, Lagos terminal was besieged by hundreds of travellers. Some Bureaux de change operators within the terminal were also selling from N470 to N472 to a dollar to travellers.

Travelex, which recently got the approval of the Central Bank of Nigeria (CBN) to sell dollar, however, gave stringent conditions for the transaction. The requirements include presentation of valid international passport, visa to destination, Biometric Verification Number (BVN) card, airline boarding pass and signed copy of transaction. Naira-Dollar The firm also directed that cash would only be handed over to the traveller at the boarding gate after security and immigration checks.

According to the firm, these conditions are to ensure that dollar is sold to only genuine travellers, and discourage racketeering. Consequently, some of the travellers were unable to buy dollars from Travelex because they could not produce their BVN cards. One of them, Mr Uche Ikediashi, stated that he was hearing about the card for the first time. “Yesterday I bought dollars from a BDC at N470. Today I was told that Travelex is selling at N356; that is why I came here, but they said I needed to bring my BVN card and I don’t have it,’’ he said. Another traveller, Mr Samson Uduak, commended the CBN for the initiative which, he said, had created easy access to forex for travellers. Uduak said: “Buying directly from Travelex is very good but the CBN needs to sensitise Nigerians to go and obtain their BVN cards from their banks.’’

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Alhaji Aminu Gwadabe, President, Association of Bureau de Change Operators of Nigeria (ABCON), on Friday said it was illegal for his members to sell a dollar above N356.

Gwadabe made the disclosure in an interview with the News Agency of Nigeria (NAN) in Lagos.

He said that the sale of dollar by Travelex to BDCs was already impacting positively on the market as the Naira had sustained gains at the major segments of the foreign exchange market.

He said that as at 4 p.m. on Friday, Travelex had sold 15, 000 dollars each to no fewer than 1,000 BDCs and that the sale was ongoing, adding that “last week, it sold 10,000 dollars each to about 850 BDCs.

“Any BDCs selling above N356 to a dollar is an infraction on our agreement and should be reported to the association or law enforcement agents for appropriate sanctions.’’

Gwadabe said that to ensure transparency in dollar sales, ABCON had advised their customers to ensure that the rate at which they bought foreign exchange was stamped on their travelling document.

NAN reports that since the resumption in the sale of foreign currencies by Travelex, a licensed International Money Transfer Organisation (IMTO), the naira had been on a path of recovery.

The currency had been appreciating at the three major segments of the foreign exchange market, a development that has raised the hope of many Nigerians.

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