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Monday, June 5, 2023

Naira falls to $1/N440 at black market as CBN can’t meet demand

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The Central Bank of Nigeria (CBN) resumed sales of dollars to Bureau Du changes (BDCs) for school fees and Small and Medium Enterprises (SMEs) last week, but that has not stopped the pressure on the Naira, which fell to N440 per dollar at the black market yesterday.

Traders said importers were buying dollars from the black market to settle their obligations.

The CBN has also made arrangements to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels, and other designated retail uses, as soon as international flights resume.

The Apex bank on March 26, suspended foreign exchange sales to the Bureau Du Change (BDC) operators, due to the Covid-19 lockdown.
The daily foreign exchange (FX) turnover at the investor and exporters (I&E) window increased by 3.66 percent to $19.26 million on Wednesday from $18.58 million recorded on Tuesday. 

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