Naira Stays Strong At N460/$1 In Black Market.

                            

The Naira has stayed firm at N460 to the dollar in the black market.
 Recall that the local currency had recorded back-to-back gains to move up from the N465 to N460 on Tuesday, November 8 and Wednesday, November 9 respectively.
According to economists, the gain recorded by the nation’s currency on the unofficial segment of the market can be attributed to improved dollar liquidity to the Bureau De Change (BDC) arm of the market.
 This follows the decision of the Central Bank of Nigeria had last month appointed Travelex and FirstBank Nigeria Limited as the only two institutions responsible for the sale of the greenback to BDCs, in its bid to ensure improved dollar supply to the foreign currency traders.
 The move has helped sustained the growth of the Naira as the currency traders believe it may not fall below 475 against the United States dollar between now and end of December, even if it suffers another crash.
 Alhaji Aminu Gwadabe, president of the Association of Bureau De Change of Nigeria (ABCON), had welcomed the move by the central bank, saying it would help strengthen the Naira and improve dollar liquidity in the market.
 Gwadabe also advised currency hoarders and speculators against continued hoarding of forex to also curb market volatility. 
 The ABCON boss said that the sale of forex to BDCs and the transparency in the sale would lead to drastic reduction in gap between the official rate and the parallel market rate. Gwadabe further advised Nigerians to avail themselves of the services of BDCs as they were sure to buy forex at controlled CBN rate.