Naira to Rebound against Dollar Next Week

October 8, 2016, 2:12 am

The  Nigerian naira is expected to stabilise on the parallel market after international money transfer agencies started selling dollars to Bureau De Change operators in line with the Central Bank of Nigeria directive.

Making this disclosure on Friday, the President, Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, said the group has started receiving foreign exchange from abroad.

“We have started receiving dollar supply from Travelex and we expect this to gradually impact positively on the naira exchange rate going forward,” Gwadabe revealed.

The naira  which had spiralled out of set limits was stabilised during the week and was quoted at 470 to the dollar on the black market on Friday, compared with 473 on Thursday.

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