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Business Interview/Opinion

Hot chase on BDCs gives naira fresh ease as it gains against dollar

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The Naira on Friday strengthened against the dollar in all segments of the foreign exchange market. Some experts who spoke to our correspondents yesterday said the appreciation of naira cannot be unconnected with the ongoing raids and arrests of Bureau De Change (BDC) dealers in Lagos and Abuja which also reached Port Harcourt and Kano as at yesterday’s evening.

It would be recalled that a combined intelligence by the DSS and EFCc had earlier in the week began a serial arrest of dealers who rely on selfish speculations to sell dollar above the N400 naira mark to Nigerians who are desperate.

Signs of the recovery yesterday started from the angle of the interbank market, where the currency gained N1.45 to close at N304.75 from N306.50 recorded on Thursday.

At the Bureau De Change window, naira exchanged at N385/400 to a dollar, Central Bank of Nigeria controlled rate, while the Pound Sterling and the Euro closed at N555 and N500, respectively.

The naira gained N5 at the parallel market to exchange at N455, from N460 recorded on Thursday, while the Pound Sterling and the Euro closed at N555 and N505, respectively.

Traders at the market said that activities were low as Thursday’s raid on the market by the operatives of the Department of State Service and Economic and Financial Crimes Commission had instilled suspicion among them.


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