The naira is about to improve in the black market following the approval of Travelex by the apex bank.
Travelex, an international money transfer agent, will commence the sales of forex to the 3,000 registered Bureaux De Change operators in the country on Friday.
According to the President, Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, the sum of $15,000 will be disbursed to each of the 3,000 BDC operators in the country, and estimated that about $45 million will flow into the system.
He further stated that the improvement from the previously approved $10,000 weekly, would strengthen the Naira against the dollar and ease forex scarcity.
“Remittances have direct positive and significant impact on consumption, investment, and demand in the country as it can be used to address short-run output shocks, and even long-run growth,” Gwadabe explained.
The integrity of Travel would be key in getting the dollars to the BDC operators and “urged BDC operators” to visit the CBN branches in their respective region for biometric data capturing by Travelex.
“The biometric data capturing would enable the BDC operators to access the International Money Transfer Operators /Travelex dollars window, which would start very soon,” he added.
“We want to commend the CBN for reaffirming the country’s commitment to building an enabling environment and a level-playing field for international money transfer services to Nigeria. By increasing the number of the IMTOs from three to 14, the CBN under its Governor, Godwin Emefiele, will set the economy on the path of development in the medium to long term and restore integrity in the international money transfer business.”
“This is commendable, and should boost economic activities in the country,” said Samed Olukoya, a foreign exchange research analyst at Investors King Ltd.
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