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The United States Dollar Exchange Rate – USD Rate to Nigeria Naira Exchange Rate – NGN rate in black market:
USD/NGN: BUY / SELL
28/10/2016: 464/ 473
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Travelex has commenced the sales of FOREX to Bureau De Change operators in the country. This development will further boost liquidity in the market and aid economic activities.
Samed Olukoya, a foreign exchange research analyst at Investors King Limited, said “If the CBN and Travelex can sustain the current arrangement it, will help fight speculation and gradually prop up the Naira value against the dollar, pound, and euro.”
The president of the Association of Bureau De Change Operators, Aminu Gwadabe also confirmed that each of the 3,000 recognized BDCs now get $15,000 each.
This represents a total of $45 million inflow into the system weekly.
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