Naira maintain strength against dollar as new month begins

The Naira has remained flat at 470 against the United States dollar on Tuesday, November 1, the same level it recorded on Monday, October 31.

Recall that the local currency, which had been relatively stable against the greenback, fell last week as fresh scarcity hit the forex markets.

READ ALSO: Naira appreciates to N470/$1 in black market

This comes despite the Central Bank of Nigeria approving Travelex and First Bank of Nigeria Limited to commence sale of foreign exchange to Bureau De Change operators.

However, forex traders said last week that the scheme had failed to ease the biting dollar shortage in the country.

“We don’t get enough from Travelex,” a BDC trader told NAIJ.com, referring to demand in the market.

However, the local currency is expected to strengthen this week on improved dollar supply to the market, some currency dealers have predicted.

READ ALSO: Naira maintains N473 rate against dollar at parallel market

According to Aminu Gwadabe, president of the Association of Bureau De Change Operators in Nigeria (ABCON), the nation’s currency has been estimated to reverse its losses as traders anticipate improved dollar supply from international money transfer agencies to ease a shortage.

Gwadabe said: “The Naira should appreciate gradually in the coming days after the expected sales of about $21 million by Travelex last Thursday and subsequent extension of dollar sales to bureau de change operators in the other part of the country.”

Meanwhile, you can check out NAIJ.com’s Bureau De Change ‘market’ here for the best rates on foreign exchange.

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