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Speculations, IMTAs may push up Naira next week

Stabilization of the naira on the parallel market next week may be a reality considering the beginning of international money transfer agencies (IMTAs) to sell dollars to Bureau De Change operators.

The new deal is in line with the Central Bank of Nigeria directive.

President, Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe said in an interview yesterday that “We have started receiving dollar supply from Travelex and we expect this to gradually impact positively on the naira exchange rate going forward”.

The naira was quoted at 470 to the dollar on the black market on Friday, compared with 473 on Thursday. But at the interbank market, the naira closed at 305.5 per dollar.