Naira Now Exchange At 522/$1 As Central Bank Of Nigeria Discontinued The Sale Of Foreign Exchange To Bureaux De Change

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The naira has dropped to N522 to a dollar at the parallel market as the Central Bank of Nigeria (CBN) discontinued the sale of foreign exchange (FX) to Bureaux 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 on abokiFX.com, a website that collates parallel rates in Lagos.

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

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

– Parrot Nigeria

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