Naira Strengthens Against The Dollar As Bdc Intervention Goes On - Business

Naira Strengthens Against The Dollar As Bdc Intervention Goes On - Business - Nairaland

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Naira Strengthens Against The Dollar As Bdc Intervention Goes On by slimthugchimee(op): 6:38am On Oct 14, 2016

Naira strengthens to N468/$1 at parallel market

The Naira continued its appreciation at the parallel market today, October 12, as it climbed to N468 to the dollar from N470 to the dollar the previous day.

The local currency also strengthened to N570 from N590 against the British Pound Sterling, but crashed to N517 against the Euro from the N510 rate it was yesterday.

The recent growth of the Naira comes on the heels of the intervention of Travelex in the Bureau De Change (BDC) segment of the market.

The Central Bank of Nigeria (CBN) and Travelex last Friday, October 7, started implementing a new arrangement whereby the global forex dealer now sell the greenback to BDCs.

The policy has seen an increase in level of liquidity in the market.

The Naira continued its appreciation at the parallel market today, October 12, as it climbed to N468 to the dollar from N470 to the dollar the previous day.

The local currency also strengthened to N570 from N590 against the British Pound Sterling, but crashed to N517 against the Euro from the N510 rate it was yesterday.

The recent growth of the Naira comes on the heels of the intervention of Travelex in the Bureau De Change (BDC) segment of the market.

The Central Bank of Nigeria (CBN) and Travelex last Friday, October 7, started implementing a new arrangement whereby the global forex dealer now sell the greenback to BDCs.

The policy has seen an increase in level of liquidity in the market.

According to Aminu Gwadabe, president of the Association of Bureau De Change Operators of Nigeria (ABCON), each of the 3,000 BDCs now get $15,000 each, as a total of $45 million now flow into the system weekly.

He lauded the CBN for authorizing Travelex to take responsibility of disbursing huge dollar inflows from the diaspora estimated at $21 billion annually to BDCs.

He said the development, which was an improvement from the initially approved $10,000 weekly, would deepen dollar liquidity in the system and strengthen the naira against the dollar.

Gwadabe, said the experience and integrity of Travelex would be key in getting the dollars down to BDCs.

https://www.naij.com/1005476-naira-gains-strength-dollar-pound.html

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Re: Naira Strengthens Against The Dollar As Bdc Intervention Goes On by ademasta(m): 6:40am On Oct 14, 2016*

That's a great news!

Yeyeboi i see you.

2nd FTC 2day.

Who ftc help self undecided

5 Likes

Re: Naira Strengthens Against The Dollar As Bdc Intervention Goes On by yeyeboi(m): 6:50am On Oct 14, 2016*

Until when e reach N100 before I go believe angry

10 Likes

Re: Naira Strengthens Against The Dollar As Bdc Intervention Goes On by Benjom(m): 6:52am On Oct 14, 2016

Good... It can only get better.

7 Likes 1 Share

Re: Naira Strengthens Against The Dollar As Bdc Intervention Goes On by Chirolechick: 9:13am On Oct 14, 2016

Snail pace sad

8 Likes 1 Share

Re: Naira Strengthens Against The Dollar As Bdc Intervention Goes On by emmyw(m): 9:13am On Oct 14, 2016

***Yawns***

1 Like

Re: Naira Strengthens Against The Dollar As Bdc Intervention Goes On by Nobody: 9:14am On Oct 14, 2016

I haven't seen any prudency of this CBN governor! Always giving confused policies.

Re: Naira Strengthens Against The Dollar As Bdc Intervention Goes On by TerrorSquad147: 9:14am On Oct 14, 2016

Still waiting for $1=N1

25 Likes

Re: Naira Strengthens Against The Dollar As Bdc Intervention Goes On by kunzyomi(m): 9:14am On Oct 14, 2016

Story with legs......tomorrow we go hear say dollar don go up again..

1 Like

Re: Naira Strengthens Against The Dollar As Bdc Intervention Goes On by Nobody: 9:14am On Oct 14, 2016

Re: Naira Strengthens Against The Dollar As Bdc Intervention Goes On by hucienda: 9:16am On Oct 14, 2016

I wish Buhari could leave the forex as he met it at the end of his second chance.

1 Like

Re: Naira Strengthens Against The Dollar As Bdc Intervention Goes On by AdeniyiA(m): 9:16am On Oct 14, 2016

Mscheeeeww.... undecided

Only #2 Naira? huh

2 Likes 1 Share

Re: Naira Strengthens Against The Dollar As Bdc Intervention Goes On by henrydadon(m): 9:16am On Oct 14, 2016

Oshi

We are still far from the $1 to #1 that we are promised

2 Likes

Re: Naira Strengthens Against The Dollar As Bdc Intervention Goes On by wellmax(m): 9:17am On Oct 14, 2016

Nigeria will be great again.

1 Like

Re: Naira Strengthens Against The Dollar As Bdc Intervention Goes On by wellmax(m): 9:18am On Oct 14, 2016

AdeniyiA:
Mscheeeeww....
Only #2 Naira? ?

Enemy of Nigeria spotted

3 Likes 1 Share

Re: Naira Strengthens Against The Dollar As Bdc Intervention Goes On by RoyalGreen(f): 9:18am On Oct 14, 2016

good

Re: Naira Strengthens Against The Dollar As Bdc Intervention Goes On by kennyblaze007(m): 9:19am On Oct 14, 2016

Lol...I pray things get better soon

1 Like

Re: Naira Strengthens Against The Dollar As Bdc Intervention Goes On by emeijeh(m): 9:20am On Oct 14, 2016

Intervention indeed!

9 Likes

Re: Naira Strengthens Against The Dollar As Bdc Intervention Goes On by CHANNELStv2020: 9:20am On Oct 14, 2016

THE country won't just work, the system is faulty. No good news in Nigeria is temporary, 5000mw now tomorrow 2000mw, today naira raise next tomorrow it falls back 2 times.

3 Likes

Re: Naira Strengthens Against The Dollar As Bdc Intervention Goes On by proeast(m): 9:21am On Oct 14, 2016

It should strenghen more so I can replenish my depleted goods

Re: Naira Strengthens Against The Dollar As Bdc Intervention Goes On by ibroh22(m): 9:21am On Oct 14, 2016

ok o,,,,,make we just they print dollars for Nigeria now,,,abi wetin gan self,,the wahala of dollars too much

Re: Naira Strengthens Against The Dollar As Bdc Intervention Goes On by tritt(m): 9:24am On Oct 14, 2016

It actually needs DIVINE INTERVENTION.

1 Like

Re: Naira Strengthens Against The Dollar As Bdc Intervention Goes On by Nobody: 9:25am On Oct 14, 2016

while many banks are about to suspend all international transactions via cards from next week. Which way nigeria

5 Likes 1 Share

Re: Naira Strengthens Against The Dollar As Bdc Intervention Goes On by Nobody: 9:26am On Oct 14, 2016

Useless government

2 Likes

Re: Naira Strengthens Against The Dollar As Bdc Intervention Goes On by 11cows4sale(m): 9:26am On Oct 14, 2016

Am I suppose to be happy? Buhari promised us 1 naira equal 1$,,but gave d opposite
People are hungry,,abeg I neva chop since yesterday,,, because every thing is no expensive

1 Like

Re: Naira Strengthens Against The Dollar As Bdc Intervention Goes On by RichThug(m): 9:26am On Oct 14, 2016

Yahoo boys will be dancing upandan at this news :/

3 Likes

Re: Naira Strengthens Against The Dollar As Bdc Intervention Goes On by MVLOX(m): 9:27am On Oct 14, 2016

The Naira is only obeying the gravitation law.... Watever goes up must definitely come down

1 Like

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