Weak naira goes at N450 to a dollar - newsheadline247.com
Naira to Dollar exchange

The naira has continued 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.

Newsheadline247 understands the British Pound was also sold for £1/N740.


This comes just 44 days after the Central Bank of Nigeria barred sale of Forex to all bureau de change operators across the country.

The CBN had on June 27, 2021, ended the sales of Forex to BDCs saying the parallel market had become a conduit for illicit Forex flows and graft.

The nation’s apex bank said it would also no longer process applications for BDC licences in the country.

Godwin Emefiele, the CBN governor said weekly sales of foreign exchange by the CBN will henceforth go directly to commercial banks.

The Committee of Banks Chief Executive Officer headed by the CEO of Access Bank, Herbert Wigwe, had stated on July 29 that the exchange rate would drop to around N423 to the dollar on the parallel market.

In the same vein, on August 9, 2021, the Managing Director of Financial Derivatives Company Limited, Mr Bismarck Rewane, said the naira would rise in the parallel market towards 490-495 against the dollar in August/September.

However, the CBN’s latest Forex policy reportedly began in late June, the highest the naira has reached on the parallel market is N504/$1.

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