Dollar to sell below N403 this week – Gwadabe

The Bureau  De Change Operators of Nigeria says  Nigeria’s Naira will exchange  below N403 to a dollar this week as  the Central Bank of Nigeria  continues to inject  more forex into the market to mitigate the imbalance in the currency exchange.

The rates closed at N403/$ last week.

The President of the Bureau De Change Operators ,Alhaji Aminu Gwadabe, who expressed the optimism  in Lagos yesterday, said the development was due  to  the  review of volumes upward of the proceeds of International Money Transfer Services Operators (IMTSO)and removal of disparity in applicable exchange rates by the apex bank in the bureau de change  subsector.

He said: ’’Following the beginning of the  CBN’s  injection  of liquidity into the interbank market for banks the naira rebounds to an all low of N360/$ from N520/$. However, surprisingly the scenario couldnt last more than 2 weeks despite the continues injection of liquidity into the banking system as the rates began to summersault to a new high of N420/$.

[Daily Trust]

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