Hamilton Nwosa
Writer

Ad

U.S. Oil Output Beats Weekly Estimates in June

U.S. crude oil production hit a new record in June at 13.58 million barrels per day, according to the Energy Information Administration’s latest Petroleum Supply Monthly. That’s 133,000 barrels more than May and 2.5 percent higher than a year ago. The new monthly figures also show a sharp disconnect from the EIA’s weekly estimates. For…

Zelenskyy fumes as ex-Ukrainian parliament speaker is shot dead

By Obinna Uballa Ukrainian President Volodymyr Zelenskyy has condemned the killing of former parliament speaker Andriy Parubiy as a “horrendous murder,” vowing that every resource will be deployed to track down the attacker. “All necessary forces and means are engaged in the investigation and search for the killer,” Zelenskyy said in a statement on social…

Rivers Crisis: Fubara will return as governor after September 18, Wike declares

• Hails LG election as peaceful By Obinna Uballa Minister of the Federal Capital Territory (FCT), Nyesom Wike, has assured that Rivers State Governor, Siminalayi Fubara, and the State House of Assembly will resume their constitutional duties once the emergency rule in the state expires on September 18. Wike, who spoke to journalists on Saturday…

Ad

BDC to sell Forex at N399/$1

 

Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON), Bureau De Change (BDC’s) operators has revealed that BDC’s will sell forex to Nigerians with legitimate need at N399/$1. This is even as he disclosed that The Central Bank of Nigeria (CBN) has started auctioning 250 million dollars to 3147 registered BDCs nationwide on Wednesday

He said the sale of the foreign currency to BDCs would impact positively on the naira exchange rate as the exercise would boost liquidity in the market.

“Sale and distribution is ongoing to all the CBN licensed BDCs today,’’ Gwadabe said. He appealed to Nigerians with legitimate needs for foreign exchange to visit any CBN registered BDC to purchase dollars with relevant documents at N399 to the dollar.

He also revealed that addresses of all the BDCs were available at the official CBN Website, adding that members of the public should report any member selling above the regulated price to the appropriate authorities.

The naira has depreciated significantly since the CBN closed its doors to sale of the foreign currency in December. The naira, which was exchanged at N493 to the dollar at the beginning of the year, has depreciated to N497 to the dollar in the parallel market.

With the resumption of sale to BDcs, traders and stakeholders are optimistic that naira may as well be on the recovery path.

 

Ad

X whatsapp