Friday, September 11, 2020

Naira plunges, exchanges for N440/$


The naira exchanged to the dollars for N 440 in the parallel market on Thursday, despite the resumption of forex sales to the Bureau de Change Operators on Monday .

The naira had last week dropped from N 480/$ to N 420/$, following the Central Bank of Nigeria ’ s announcement to resume forex sales to the BDCs .

In a circular by the CBN, it stated that , “ As part of efforts to enhance accessibility to foreign exchange particularly to travellers following the announcement of limited resumption of international flights by the Honourable Minister of Aviation , commencing with Abuja and Lagos , the Central Bank of Nigeria hereby wishes to inform the general public that gradual sales of foreign exchange to licensed BDC operators will commence with effect from September 07, 2020.

“ Consequently, purchase of foreign exchange by BDCs shall be on Mondays and Wednesdays in the first instance.

“ The BDCs are to ensure that their accounts with the banks are duly funded with the equivalent naira proceeds on Fridays and Tuesdays accordingly . ”

The Director, Corporate Communications Department at the CBN, Isaac Okorafor, had earlier , assured that those requiring foreign exchange for purposes of travel , educational fees and other invisibles could obtain such over the counter from their respective banks.

On Monday ’ s forex sales resumption , about 5, 180 BDCs got $10, 000 each , making a total of $51. 8m .

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