Naira appreciates to N362.19/$ AS BDCs unveil automation portal

The Naira, yesterday, appreciated to N362.19 per dollar in the Investors and Exporters (I&E) window buoyed by 96 per cent increase in volume of dollars traded in the window. Data from FMDQ showed that the indicative exchange rate for the window dropped for the second consecutive day this week to N362.19 per dollar, yesterday, from N362.58 per dollar on Monday translating to 39 kobo appreciation of the naira. The volume of dollars traded rose to $441.38 million, yesterday, from N225 million on Monday indicating 96 per cent increase.

Naira down at N362.58 /$ in I&E window

Though the naira remained stable at N358 per dollar, yesterday, the Association of Bureaux De Change Operators of Nigeria (ABCON) unveiled its automation portal designed to boost transparency in the bureaux de change segment of the foreign exchange market.

According to ABCON President, Alhaji Aminu Gwadabe, “This automation will help the CBN to remove the wrong perception that people are having because there will be transparency. Everybody can go to the portal and see that the BDC are even buying dollar at N357.

“The automation integrates three regulatory agencies, first is the CBN portal, it is also connected to the portal of the Nigeria Financial Intelligence Unit (NFIU) and it also integrates Nigeria Inter Bank Settlement System (NIBSS) platform. For CBN, we send our transaction, our daily utilisation and purchase. “Also NFIU captures suspicious transactions; the NIBSS portal will capture KYC, verification and validation of BVN of our customers. It is robust and all encompassing in addressing anti-money laundering and anti-terrorism financing.”