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14 Nov 2016

Naira Appreciates After DSS Raid on BDCs

The Naira appreciated on both the interbank and parallel segments of the market, after the Department of State Security Service, DSS raided and arrested of some licensed currency dealers who were said to be selling foreign exchange (FX) above the prescribed limit.
On the interbank FX market, the spot rate of the naira climbed N1.45 to close at N304.75 to the dollar last Friday, stronger than the N306.50 to the dollar the previous day.

Also, on the parallel market, the naira appreciated by N5 to trade at N455 to the dollar at the weekend, compared with the N460 to the dollar the day before.

But on the Bureau De Change (BDC) segment, the nation’s currency depreciated to N405 to the dollar, from about N400.

Prior to the action of the security operatives, Thisday Newspaper had reported that as part of efforts to bridge the wide gap in the FX market, the security agencies, BDC operators and the Central Bank of Nigeria (CBN) held a meeting during the week.

It was learnt that the meeting was as a result of the concern of wide disparity in FX rates among the three segments of the market.

The President, Association of Bureau De Change Operators of Nigeria (ABCON), Mr. Aminu Gwadabe, also confirmed the meeting and pledged to cooperate with the government to make the parallel market unattractive.

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