Naira stabilises at N295/$ – Vanguard News

LAGOS — The Naira remained stable at N295 per dollar in the parallel market, yesterday, as Bureau de Change, BDC, operators await the release of modalities on how  to source dollars from autonomous sources.

The Naira had appreciated on Monday to N295 per dollar from N300 per dollar on Friday in the parallel market following expectations that the CBN will sell autonomous dollars sourced from oil firms to BDCs.

Vanguard survey of parallel market exchange rate in major cities shows that while there were slight increases in demand for foreign exchange, the Naira remained firm at N295 per dollar.

The stability, according to Chief Executive Officer, H. J. Trust BDC, Mr. Harrison Owoh, was because BDC operators still expected that the CBN will open the window of autonomous dollars to the subsector.

However, a meeting between the CBN Governor, Mr. Godwin Emefiele and the Executive Council of Association of Bureaux de Change Operators of Nigeria, ABCON, scheduled for, yesterday, was yet to commence at press time.

The meeting, according to ABCON President, Alhaji Aminu Gwadabe, was to discuss the modalities for BDCs to source autonomous dollars from oil firms through the assistance of the CBN.

Meanwhile, the CBN Governor met with the Senate, yesterday, to discuss the sharp decline of the Naira in the parallel market in recent times.


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