Naira Falls Helplessly At Parallel Market As CBN Stops Forex Sale To BDCs

The naira has dropped to N525 to a dollar at the parallel market as the Central Bank of Nigeria (CBN) discontinued the sale of foreign exchange (FX) to Bureaux De Change (BDCs) operators in the country.

The local currency, which opened yesterday’s trading at N505/$1, lost N20 or 3.9 percent, according to data on abokiFX.com, a website that collates parallel rates in Lagos.

At the importer & exporter (I&E) window, it traded moderately to close at N411.60 per dollar.

On Tuesday, Godwin Emefiele, governor of CBN, announced the discontinuation of forex sales to BDCs.

The CBN governor said BDC operators have become agents of money laundering in Nigeria.

He said the CBN would channel weekly allocations of dollar sales to commercial banks to meet legitimate FX demands and mandated banks to sell forex to every customer who meets requirements.

But a top insider at CBN told TheCable that the apex bank may be unable to meet requests of banks to serve all customers as mandated.

-The Cable

About Don Saint

PR Guru / Author / Promoter / Controversial Writer / Hip Hop Artiste / Actor / Human Rights Activist. The First Nigerian Hip Hop Artiste to obtain a Masters Degree (M.A) in Arts ( Religion & Human Relations). The author of one of the most controversial books in Nigeria; "Emancipation from Masturbation". With over 12 Movies and 3 Musical albums since 2003. Former Events Manager at Silverbird’s Rhythm Fm Awka Station till 2010. For more info. Call : 08033239298.

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