The resumption of Forex Sales to the Bureau De Change operators by the Central Bank of Nigeria on Monday, September 7th, will help strengthen the exchange rate of the naira to the dollar according to the operators.
In a Memo, the CBN announced its plans to resume sale of foreign exchange to BDCs today as part of its effort to enhance accessibility to foreign exchange. If things go as planned it is believed that the naira will pick up against the Dollar at the parallel market from the N420 which it was traded on Friday and N480 earlier in the week.
The president, Association of Bureaux De Change Operators of Nigeria, Alhaji Aminu Gwadabe, expressed support for the new CBN policy on forex sale. 
“The anticipated intervention in the BDC sector will ensure stability in the foreign exchange market,” he said.
According to him, speculators in the forex market had been dealt a huge blow with the sharp drop in the exchange rate, which he said would continue a downward trend with the resumption of international flights in and out of the country.
The Director, Corporate Communications Department at the CBN, Isaac Okorafor, assured that those requiring foreign exchange for purposes of travel, educational fees and other Invisibles could obtain such over the counter from their respective banks.
Photo Credit: Getty
