BDCs to Bid for $25m from Travelex at N381/$

By Modupe Gbadeyanka

Members of Association of Bureaux De Change Operators of Nigeria (ABCON) will today bid for $25 million from international money transfer firm, Travelex.

According to Reuters, the bidding would be done at the rate of N381 per dollar.

The news agency quoted President of the body, Mr Aminu Gwadabe, as saying Thursday’s amount is an increase from the $18 million sold weekly by Travelex.

Mr Gwadabe revealed that the Central Bank of Nigeria (CBN) has approved 3,114 of its members to bid at Thursday’s sale, 714 more than previous sale.

The Naira, which traded at N314.50k to the Dollar on the official interbank market, was exchanged on Thursday afternoon at N462 on the black market.

The CBN is under pressure to narrow the widening spread between the official and black market rates and support its ailing Naira.