Naira stays strong against dollar despite DSS raid on BDCs
Despite last week’s raid and arrest of some licensed currency dealers who were said to be selling foreign exchange (FX) above the prescribed limit, the naira has maintained strength over dollar at the parallel segment of the market.
NAIJ.com has gathered this Monday, November 14, that the naira still trades at N455 to the dollar as it was on Friday, November 11.
Dollar to Naira
According to traders at the market, activities were low as Thursday’s raid on the market by the operatives of the Department of State Service (DSS) and Economic and Financial Crimes Commission (EFCC) had instilled fear among them.
READ ALSO: Naira maintains N473 rate against dollar at parallel market
Recall that the security operatives raided some unregistered BDCs and parallel market traders on Thursday, November 10, over alleged arbitrary sale of foreign currencies above the official rates.
The clampdown followed a meeting between the Central Bank of Nigeria (CBN), the SSS and leadership of the Bureau de Change (BDC) association aimed at finding solutions to the poor performance of the national currency against other international currencies, particularly the dollar, in the money market.
The CBN allows licensed BDC operators to buy dollars through Travelex at about N381 per dollar, and sell to retailers or end-users at about N385 per dollar. On Friday, most black market traders were selling to their customers at between N385 and N400 to the dollar, as agreed at last weekend’s meeting, N555 to the Pound Sterling and N500 to the Euro.
READ ALSO: Naira appreciates to N470/$1 in black market
The CBN guidelines stipulate that BDCs must not sell foreign exchange to end-users above 2% margin of the buying rate.
CBN also warned Nigerians in the Diaspora against patronizing unlicensed money transfer operators.
Meanwhile, you can check out NAIJ.com’s Bureau De Change ‘market’ here for the best rates on foreign exchange.
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