Uncategories Value of Naira to Improve Next Week...See Interesting Details

Thursday 22 September 2016



Value of Naira to Improve Next Week...See Interesting Details

September 22, 2016

The value of the naira is expected to improve against the dollar in the coming days following a latest development in the Nigerian economy. 



The Association of Bureau De Change Operators of Nigeria says the expected recovery is due to the introduction of Travelex, a licensed Forex dealer.
 
The President of ABCON, Alhaji Aminu Gwadabe, said Travelex would enhance transparency in the distribution network.

Travelex, an international money transfer organisation, was officially directed by CBN to distribute Forex to Bureaux De Change operators by Monday. Gwadabe said that Forex distribution would be efficient and uniform across ABCON members, unlike what was obtainable in the past.

He said, “Against this background, the naira is expected to be on a recovery path from Monday as the distribution of Forex to BDCs will boost liquidity in the market. The boosting of liquidity in the market will dampen the fears of investors and market speculators, thereby raising their confidence in the market.

This is a purely ABCON and Travelex arrangement, and has the capacity of removing the bottlenecks in the Forex distribution chain. Travelex has the technology to pay about 1,000 BDCs within two hours. The new arrangement also eliminates relating with bank account officers."Visit some of the website built by tonygists 1. south south penpushers : http://www.sspenpushers.com 2. kingdom builders : http://www.kingdombuilderslovelifeministries.com Tonygists bro: http://www.honestzone.com

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Tony Odijie

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