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Monday, March 27, 2023

Naira Falls to N522/$ in Parallel Market as CBN Stops Forex Sale to BDCs

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The naira has dropped to as low as N522 per dollar at the parallel market as the Central Bank of Nigeria (CBN) discontinued the sale of foreign exchange (FX) to Bureau De Change (BDCs) operators in the country.

The local currency which opened today’s trading at N505/$1. Lost N17 or about 3.4 percent in midday trading, according to data from abokiFX.com, a website that collates parallel rates in Lagos.

On Tuesday, Godwin Emefiele, governor of CBN, announced the discontinuation of forex sales to BDCs.

The CBN governor said BDC operators have become agents of money laundering in Nigeria.

The CBN allocates $20,000 weekly to each BDC operator in the country amounting to $5.72 billion yearly.

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