Just In: Naira Hits All-Time Low, Weakens To 543 Against Dollar
The naira on Thursday kept on with its downward spiral on the parallel market, selling for N543 to the dollar on Thursday.
While bureau de change operators in Abuja bought dollar at N540, it was sold for N543.
At the same time, the British Pound was also sold for £1/N740.
The development comes 44 days after the Central Bank of Nigeria banned sale of Forex to all bureau de change operators nationwide.
On June 27, 2021, the CBN stopped the sales of Forex to BDCs while stating that the parallel market had become a conduit for illicit Forex flows and graft.
The CBN mentioned that it would also no longer process applications for BDC licences in the country.
According to the CBN Governor, Godwin Emefiele, weekly sales of foreign exchange by the CBN will henceforth go directly to commercial banks.
The Committee of Banks Chief Executive Officer led by the CEO of Access Bank, Herbert Wigwe, had earlier said on July 29 that the exchange rate would drop to around N423 to the dollar on the parallel market.
Similarly, on August 9, 2021, the Managing Director of Financial Derivatives Company Limited, Mr Bismarck Rewane, said the naira would increase in the parallel market towards 490-495 against the dollar in August/September this year.
