Real Reason Naira Appreciating Against Dollar At Black Market – BDC Operators

The National President of the Association of De Change Operators, Aminu Gwadebe, has revealed that the pick-up of the interbank proceeds to Bureaux de Change as directed by the Central Bank of Nigeria and other factors is the reason the Naira has recorded a significant gain against the dollar in the last week.

Gwadebe made this known at the weekend while reacting to the recent performance of the Naira against other currencies in the foreign exchange market.

DAILY POST reports that the Naira in the last week gained N15 at the black market to close at N1565 against the dollar.

Reacting to the impressive run by the Naira, Gwadebe explained that Nigeria’s currency moved from “about N1660, we are now talking about N1,552 per dollar. That is significant”.

According to him, “A combination of factors is playing together. The pick-up of the interbank proceeds to Bureaux de Change as directed by CBN is helping to inject liquidity and reduce panic in the market.

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“Others are linking it to the Chinese holiday, which has possibly reduced the demand aspect. Thirdly, the FX Code has continued to bring some sanity, discipline, and monitoring oversight, and fourth, the confidence of the investor.

“The market, especially the interbank, is awash with portfolio inflows. Also, there is no negative perception.

“All along, we have been battling with a negative perception, with confidence in even the management of the Central Bank, but they have been able to put some confidence in them now, especially since they have cleared the $7bn (FX) backlog, and the impact of the policy is making the CBN put their foot on the ground to ensure the reforms continue to give positive reports.

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“They are doing a lot of forward guidance so that they can communicate with investors, operators, and other stakeholders.

“I think that approach has been giving a lot of people hope that the CBN has resolved to engage with stakeholders and work with them.”
Meanwhile, at the official market, the Naira remained flat at N1,507.8 per dollar, according to CBN’s exchange data on Thursday.

Source: Daily Post