The information shown below reflect on the current naira exchange rates of dollar, pound, euro at the Bureau de change Forex market.
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The United States Dollar Exchange Rate to Nigeria Naira Exchange Rate in bdc Forex market:
Pound Sterling Exchange Rate to Nigeria Naira Exchange Rate in bdc forex market:
Euro Exchange Rate to Nigeria Naira Exchange Rate in bdc forex market:
Alhaja Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON), on Friday, advised currency hoarders and speculators against continued hoarding of forex.
Gwadabe said that the resumption in the sale of forex to BDCs and the transparency in the sale would lead to drastic reduction in gap between the official rate and the parallel market rate.
The ABCON boss advised Nigerians to avail themselves of the services of BDCs as they were sure to buy forex at controlled CBN rate.
The CBN, had through the International Money Transfer Organisations, resumed the sale of dollars to BDCs in January, after stopping it for almost a month due to the Yuletide holiday.
He said, “The volatility in the market is evidenced of the scarcity at the BDCs sub-sector despite the injection of liquidity in the interbank market.
He warned ABCON members not be involved in hoarding and speculation as “the apex bank is determined to smoke speculators and hawkers out of their holes”.
There are at present, 35 licensed IMTOs approved by the CBN which include Aftab Currency Exchange Limited, AWS Malta Limited, Caperemit UK Limited, Centrexcard Limited, Colony Capital Limited among others.
Others are Ria, Western Union, MoneyGram, WorldRemit RANS-Fast Remittance, UAE Exchange Center LLC, Wari limited, and Home Send S.C.R.L among others to help Nigerians in Diaspora remit dollar home and boost dollar liquidity.
Since Monday February 20th 2017, when it announced new measures to boost dollar supply and forestall the declining fortunes of the naira in the parallel market, the CBN has intervened in the forex market six times as follows: Tuesday February 21st, $417 million; Thursday February 23rd, $231 million; Monday February 27th, $180 million; Friday March 3, $350 million, Monday March 6, N367 million; and on Tuesday with $100 million.
Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, said that the move by the intervention by the CBN was to fund the commercial banks with enough forex to cater for the request of customers to meet personal travelling allowance (PTA), basic travelling allowance (BTA), medicals and tuition fees.
It will be recalled that the CBN, in February 2017, changed its forex rule supply to guarantee supply to both small and the big end-users.
The policy has restored stability and bolstered market confidence which has ultimately boosted the value of the Naira.
On April 3rd, 2017, Gwadabe said the CBN had reduced the time lag between the funding of their accounts and the disbursement of foreign exchange.
Gwadabe said with more liquidity at the BDC window and effective distribution of foreign exchange, the naira was well positioned to bounce back.
He also said that the improved inflows of diaspora remittances into the economy in spite of falling oil prices would fast-track rates convergence and unification.
On April 9, 2017, Directors of over 3,000 Bureaux De Change (BDCs) met in Lagos to agree on ways to force down dollar rates and narrow the rising gaps between official and parallel market rates.
Gwadabe noted that the meeting was used to used to warn erring BDC directors on the consequence of violating operating guidelines.
He said the BDCs would continue to support CBN’s exchange rate stability objective and ensure that official and parallel market rate convergence was achieved.
“We want BDC Directors to know the gains of price stability, rate harmonisation and regulatory compliance. Operators with infractions will face penalties. We did it in 2006 when the BDC window was first opened. We helped the CBN to narrow the huge gap between official and parallel market rates. We are ready to do it again,” he said.
Gwadade said the BDCs helped the CBN to narrow the exchange rate gap from N520 to the present rate, and will continue to achieve better results as the CBN continues to fund BDCs with increased dollar allocations.
“We are ready to partner with the CBN to ensure there is rate convergence. We want to make the market transparent, accountable and secure for the economy, investors and Nigerians in Diaspora so that more dollars will be attracted into the economy to strengthen the local currency,” he said.
Gwadabe said the BDC directors the owned the business, and should understand they carry corporate governance burden, and will be sanctioned when their operations run contrary to CBN’s guidelines.
“We want the BDC directors to fully take charge of their businesses, because they will be punished if anything goes wrong. We also want the public to know that BDCs are not criminals, but remain critical partner of the CBN in ensuring that price and exchange rate stability are achieved,” he said.
The ABCON boss said BDCs’ capital is eroded anytime exchange rates go up, and naira is depreciated. “We suffer financial losses anytime the naira depreciates. We want a better and harmonised exchange rate,” he said.
He praised the CBN for giving each BDC $20,000 last week, adding that the funds will help to further strengthen the naira against the dollar. “We expect that the $20,000 given to us will go a long way to douse the tension in the market even as we urge the CBN to continue to boost liquidity in the market,” he said.
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