JUST IN: Naira stands firm against dollar.

Naira stays firm against dollar: The Nigerian Naira on Wednesday, October 5, has remained at N476/$1 in the black market as it was yesterday, October 4.

This would leave Naira’s black market value unchanged since it dropped 1 point from N475 to trade at N476 by midday yesterday

According to traders, the dollar liquidity remains a major challenge in the market, but the rate looks to be stabilizing following the introduction of Travelex, a licensed forex dealer

The arrangement, introduced by the CBN August last year, to facilitate the transfer of money outside the country for payment of students’ school fees, has faced serious hiccups with acute shortage of dollar.

However, the Association of Bureau De Change Operators of Nigeria has predicted the naira would recover due to the introduction of Travelex.

check bureau de change ‘market’ for the best rates on foreign exchange