Friday, May 14, 2021

Nigeria’s naira seen unchanged as foreign money transfer firms sell dollars to BDCs

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Naija247news, Nigeriahttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

Nigeria’s naira is seen unchanged on the parallel and official foreign exchange market in the coming days as international money transfer organisations begin selling dollars to bureau de change operators on Thursday, boosting greenback liquidity.

Travelex, one of the international money transfer firms in Nigeria is selling around $20 million to 2,500 bureaux de change operators on Thursday at $8,000 each, said Aminu Gwadabe, president of their association.

The local currency is quoted at 497 to the dollar on the black market, the same level as last week, while commercial lenders quoted the naira at 305.75 a dollar, around the level the local currency has traded at since August last year.

“Once dollar liquidity improves in the market I see the naira trading around 380-400 a dollar in the short-term,” Gwadabe said. Bureau de change operators are quoting the naira at 399 to the dollar.

 

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