Nigerian Naira May Recover Soon As Travelex Begins Weekly Sale of $15,000 to 3,000 BDCs Today.

Today, Travelex, a global foreign exchange dealer, will disburse the sum of $15,000 to each of the 3,000 registered Bureaux De Change operators in the country. This is according to the President, Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe.

He said with each of the 3,000 BDC operators getting $15,000 each, $45m will flow into the system. He commended the CBN for giving approval to Travelex to commence the disbursement of forex to the firms.

The dollar inflow, being disbursed by Travelex, is part of Nigeria's Diaspora remittances estimated at $21bn annually. He said the development, which was an improvement over the initially approved $10,000 weekly, would deepen dollar liquidity in the system and strengthen the naira against the dollar.

When will it get to N55/$?


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