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Tag: naira falls

  • Nigeria’s Naira hits all-time low, exchanges for N530/$ at parallel market

    Nigeria’s Naira hits all-time low, exchanges for N530/$ at parallel market

    The Nigerian currency, naira has hit an all-time low after exchanging for N530/$ at the parallel market on Thursday.

    Data posted on Aboki FX in Thursday evening showed that Naira is exchanging for N530/$ from the previous N528/$.

    There has been a steady pressure in the foreign exchange market in the last one week as more Nigerians patronize the black market in a bid to beat the cumbersome process of obtaining dollars from the bank.

    The Central Bank of Nigeria (CBN) had on July 31 banned the sales of foreign exchange to Bureau de Change (BDC) operators across the country.

    The United States dollar is not only currency trading at a record low as British pounds also hit N720 from N717 it sold on Wednesday.

    Despite the huge devaluation at the black market, check by TheNewsGuru (TNG) on Thursday evening showed that commercial banks are still selling dollars at N412 to those with complete documentation as stipulated by CBN.

    The apex bank listed valid Nigerian passport and a valid visa to an international destination as some of the requirements for access to foreign exchange.

  • JUST IN: Naira falls to N522 after CBN bans forex sales to BDCs

    JUST IN: Naira falls to N522 after CBN bans forex sales to BDCs

    Naira fell marginally against the U.S dollar at the parallel market on Wednesday, after the Central Bank of Nigeria (CBN) announced that it has ended the sales of forex to Bureau De Change operators.

    Data recorded on abokiFX.com, a website that collates the parallel market rates in Lagos, showed that naira traded at N522.00 per $1 in the midday on Wednesday.

    However, at the importer & exporter (I&E) window, it traded moderately to at N411.50 per dollar.

    Recall the central bank lamented the parallel market had become a conduit for illicit forex flows and graft.

    The CBN said it will also call off the processing of applications for for BDC licences in the country.

    The CBN governor, Godwin Emefiele, who disclosed this during a live TV broadcasting while announcing that the bank has retained its benchmark policy rate, noted that weekly sales of foreign exchange by the CBN will henceforth go directly to commercial banks.

    “We are concerned that BDCs have allowed themselves to be used for graft,” Mr Emefiele said.