Naira On The Path Of Recovery As Travelex Begins Sales Of $45m To Bdcs Today - Business - Nairaland
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CBN Suspends 19 Banks From Forex Sale To BDCs / Travelex To Commence Sales Of Forex To Bdcs Today / CBN To Banks: Sell Forex To BDCs - Nairametrics (2) (3) (4)
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| Naira On The Path Of Recovery As Travelex Begins Sales Of $45m To Bdcs Today by CarmelloANGEL(m): 10:07am On Oct 07, 2016 |
Global foreign exchange (forex) dealer, Travelex, will today disburse a total of $45million dollars to licensed Bureaux De Change (BDC) operators in the country.. President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, who disclosed this yester day, said that Travelex will disburse $15,000 to each of the 3,000 registered BDC operators, adding that with each of the 3,000 BDCs getting $15,000 each, $45 million will flow into the system today. Gwadabe commended the CBN for authorising Travelex to take responsibility of disbursing huge dollar inflows from the Diaspora estimated at $21 billion annually to BDCs. He said the development, would deepen dollar liquidity in the system and strengthen the naira against the dollar. The local currency had been on a free fall on the parallel market in recent weeks, losing about 15 per cent of its value to drop to a record low of N490/dollar at some point. Gwadabe said the experience and integrity of Travelex would be key in getting the dollars to BDCs. Source: https://newtelegraphonline.com/travelex-sell-45m-bdcs-today/ |
| Re: Naira On The Path Of Recovery As Travelex Begins Sales Of $45m To Bdcs Today by CarmelloANGEL(m): 10:12am On Oct 07, 2016 |
Naira Appreciates on Parallel Market as Travelex Commences Dollar Sales to BDCs Relief appears to have come the way of the naira, which had been under attack on the parallel market FX in the past few days as the currency strengthened to N473 to the dollar yesterday, from N475 to the dollar, it closed the previous day. The appreciation of the naira followed the implementation of a new arrangement between the Centrak Bank of Nigeria (CBN) and Travelex, a global foreign exchange (forex) dealer. Also, on the interbank FX market, the spot rate of the naira climbed to N307 to the dollar yesterday, compared to the N311 to the dollar it closed the previous day. Clearly, the appreciation of the nation’s currency was buoyed by the announcement yesterday that Travelex would today start disbursing $15,000 to each of the 3,000 registered Bureaux De Change (BDC) operators. http://www.parrotnigeria.com/2016/10/naira-appreciates-on-parallel-market-as.html?m=1 |
| Re: Naira On The Path Of Recovery As Travelex Begins Sales Of $45m To Bdcs Today by Favorite1: 1:50pm On Oct 07, 2016 |
IMF refuses to grant loan last week, this week we suddenly have adequate Forex to sell to bdc. Just like that. 'Tis A MIRACLE!!!!! |
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