As naira dips against dollar, BDC’s demand more Renminbi

The value of the naira on Monday night dipped against the dollar at the parallel market going up by more than N3.

Currency activities monitored from Bureau De Change BDC agents in Abuja shows that the naira was sold at N360 to the dollar, while the Pound Sterling and the Euro closed at N480 and N420 on Monday.

Meanwhile BDC operators are calling on the Federal Government to as a matter of urgency approve the Renminbi (Yuan) disbursements to its members to deepen the China-Nigeria currency Swap deal entered into by both countries.

According to the BDC operators the approval would enable BDCs sell Personal and Business Travelling Allowances to its customers in Yuan.

Meanwhile the Central Bank of Nigeria has continued with its intervention at the FOREX market when on Friday it injected a fresh 340.5 million dollars and 69.9 million Chinese Yuan into the market.

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