The local currency firmed against the dollar and other currencies at the parallel market as it currently trades at N470, N580 and N510 from N473, N590 and N512 posted on Monday, October 10.Dollar to Naira.
At the official inter-bank market, the Naira trades at N304.75 from N306.71 posted on Monday. The currency trader opined that the recent come back of the local currency can be attributed to the introduction of Travelex, a licensed forex dealer.
He added that the resumption of the sale of Diaspora remittances to licenced BDC operator is currently on-going. Reacting after, Aminu Gwadabe, the president of the Association of Bureau De Change Operators, said that the regulatory authority had to review the official selling price of dollars to BDCs to encourage Nigerians in Diaspora, whose remittances was being sold to BDCs.
He said the sustained appreciation of the nation’scurrency would discourage the patronage of unlicensed parallel market traders.
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