BREAKING NEWS

Metro

World

Spiritual

14 Oct 2016

Naira Strengthens Against the Dollar as BDC Intervention Goes on

The naira has continued to increase in value in exchange for the dollar at the black market with the introduction of Travelex.

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.

SHARE YOUR STORY WITH US VIA EMAIL: INFO@247NIGERIANEWSUPDATE.CO

RECEIVE NEWS VIA OUR WHATSAPP, KINDLY TEXT +234 701 056 0394 TO ADD YOU

CLICK HERE TO JOIN US ON OUR YOUTUBE CHANNEL FOR NEWS UPDATE

CLICK HERE TO JOIN US ON TWITTER FOR INSTANT NEWS UPDATE: @247NGNEWSUPDATE

CLICK HERE TO JOIN MILLIONS AROUND THE GLOBE TO READ NEWS ON OUR FACEBOOK FAN PAGE

FOR INSTANT UPDATES ON INSTAGRAM CLICK HERE

RECEIVE INSTANT NEWS UPDATE VIA OUR BBM BROADCAST: D3EDEFDF

PLACE YOUR TEXT ADVERT BELOW:>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Loading...

1 comment :

  1. AUCTIONING- AUCTIONING- AUCTIONING -NIGERIA CUSTOM AUCTION SERVICE (07030266890) WE SELL ALL KIND OF CLEAN TOKUNBO CARS,BAGS OF RICE AT CHEAPER AND AFFORDABLE PRICE INTERESTED BUYER SHOULD PLEASE CONTACT OUR ZONAL OFFICER *CUSTOM ALHAJI SANNI ON (07030266890) FOR CLEARANCE, DELIVERING,SOME OF THE CARS LISTED ARE Golf2.3 & 4 N250,000. to =N300,000 =Toyota Camry big.
    daddy=N450,000.
    Toyota Camry Tiny-Light =N350,000.
    Toyota Avensis=N450,000.
    Toyota Avalon=N500,000.
    Toyota Rav4=650,000.
    Toyota Prodo=750,000.
    Toyota Sienna=700,000:
    Toyota Corolla=500,000
    Toyota Matrix=N550,000.
    Honda Accord=500,000.
    Honda CRV=550,000.
    Honda Pilot=850,000.
    Nissan Pathfinder=700,000.
    Nisaan Amanda=N700,000.
    Nissan Exterra =N650,000.
    Infinity Jeepfx35=N700,000.
    & fx45=750,000. Benz Ml350=750,000. Lexus Rx350=750,000. & RX330=N650,000.
    RANGEROVER SPORT N1.4M.
    AND MANY MORE EXCLUSIVE
    OFFERS. All VEHICLES ENGINES ARE IN GOOD CONDITION. (THANKS FOR PATRONIZING WITH US).

    ReplyDelete

 
Copyright © 2015 247 Nigeria News Update
Website by Tech Guardian