Naira due to appreciate this week

The naira is expected to appreciate further this week following the Central Bank of Nigeria’s approval of dollar sale to Bureau De Change operators.

The CBN has given approvals to First Bank of Nigeria Limited and Travelex, a global foreign exchange company, to commence sale of dollars to the BDC operators.

Travelex had last week commenced dollar sale to the BDC operators in line with the central bank’s approval and directive.

First Bank also said it had received the CBN approval to commence sale of dollars to the BDC operators.

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The local currency has consistently closed around 305 to the dollar in the last four weeks.

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