Resumption of forex sales to  Bureau De Change operators by  Central Bank of Nigeria on Monday (today) will strengthen the exchange rate of the naira to the dollar, according to the operators.

In a circular, CBN had announced plans to resume sale of foreign exchange to BDCs today as part of effort to enhance accessibility to foreign exchange.

The naira, which traded on the parallel market at N420 to a dollar on Friday sold for N480 a week earlier.

President, Association of Bureaux De Change Operators of Nigeria, Mr Aminu Gwadabe, expressed support for CBN action on forex sale.

“The anticipated intervention in 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.

Director, Corporate Communications Department at CBN, Mr 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.

Punch