Naira Set To Make Strong Recovery

The naira is expected to stabilise on the parallel market after international money transfer agencies started selling dollars to Bureau De Change operators in line with the CBN directive.

“We have started receiving dollar supply from Travelex and we expect this to impact positively on the naira exchange rate going forward,” the President, Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, told Reuters.

Naira was quoted at 470 to the dollar on the black market on Friday, compared to 473 on Thursday.

At the interbank market, the naira closed at 305.5 per dollar.