Naira Crash – Nigerian Naira Hikes In Foreign Market

The Nigerian naira decreased yonder to 523 dollars at the foreign market on Wednesday, this was after the Central Bank of Nigeria stopped the allocation of foreign exchange to Bureau de Change operators in the nation.

The naira, which was 503 when exchanged to the dollar on Monday and as at Tuesday it fell to 505, few hours after the Central Bank of Nigeria made known it that they would no longer sell forex to the Bureau de Change operators and ceased approval of new licenses to BDC.

According to the Bureau de Change website, naijabdcs.com, the dollar was purchased at N515 and sold at N523 on Wednesday, 28 July 2021.
For Investors & Exporters of the forex window, naira hiked a high price of 413/$1 but closed at 411.60/$1.

However, on the official website of the CBN, it maintained the official rate of N410.16/$1. Just before the recent regulation, the Central Bank of Nigeria had been providing each BDC $10,000 twice a week at the rate of N393.

The Governor, CBN, Godwin Emefiele, after the Monetary Policy Committee meeting on Tuesday, had blamed the Bureau de Change operates for misusing the right given to them and destroying all plans to ensure naira stability in the country.

After many extensive deliberations, with the support of its committee and the management of the CBN reached the following decisions which will commence soon. Thus, the CBN will henceforth stop the trade of foreign exchange to BDC operators.

Godwin added that the Central Bank of Nigeria would hereafter move a significant portion of its weekly allocation currently meant for BDCs to commercial banks, to help meet accepted forex demand for Nigerians and businesses, either for medical bills, small-scale imports, personal educational expenditure, and business travels or any other official needs as defined by the Central Bank of Nigeria’s foreign exchange manual.

He also said all commercial banks in Nigeria would commence with immediate effect create a teller point in different branches, to sell to foreign exchange customers for legitimate purposes.

Again, any customer who has not receive foreign exchange is asked to report his or her bank and for more information, they should contact the Central Bank of Nigeria on email cpd@cbn.gov.ng or call toll-free line 07002255226, the complaint should be lodged with details of their bank’s transactions.

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