The naira is expected to stabilise on the parallel market after international money transfer agencies started selling dollars to Bureau De Change operators in line with the Central Bank of Nigeria directive.

“We have started receiving dollar supply from Travelex and we expect this to gradually impact positively on the naira exchange rate going forward,” the President, Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, told Reuters.

The naira was quoted at 470 to the dollar on the black market on Friday, compared with 473 on Thursday.