Naira Falls To Its Ever Lowest After CBN Ban On FOREX

Date: 28-07-2021 3:30 pm (1 month ago) | Author: Giwa bayo
- at 28-07-2021 03:30 PM (1 month ago)
(m)

Naira fell significantly against the U.S. dollar at the parallel market on Wednesday noon, a day after the Central Bank of Nigeria (CBN) said it would no longer sell forex to Bureau De Change operators.

The local unit, which opened at today’s trading session at N505 per $1, is currently trading at N522 to a dollar at the parallel market segment, data from abokiFX.com, a website that collates parallel rates in Lagos showed.

This implies a N17.00 or 3.40 per cent devaluation from N505.00, the rate it closed at the previous session of the black market on Tuesday. It is the currency’s biggest fall ever. The CBN governor, Godwin Emefiele, had announced Tuesday that it has stopped the sales of forex to Bureau De Change operators.

He explained that the parallel market operations had become a conduit for illicit forex flows and graft. Mr Emefiele who stated this during a live TV broadcast while announcing that the bank has retained its benchmark policy rate, emphasised that weekly sales of foreign exchange by the CBN will henceforth go directly to commercial banks, and that the CBN will also call off the processing of applications for for BDC licences in the country.

“We are concerned that BDCs have allowed themselves to be used for graft,” Mr Emefiele said. He said the CBN would channel weekly allocations of dollar sales to commercial banks in order for them to meet legitimate foreign exchange demands, while urging bank operators to sell forex to every customer who meet its requirements. Analysts say the move is bound to push prices of goods and services higher at a time inflation has reached a four-year high.


Posted: at 28-07-2021 03:30 PM (1 month ago) | Hero
- constigoldo at 28-07-2021 04:10 PM (1 month ago)
(f)
 Push prices of goods and services higher? Coupled with what is going on here already? They want to kill everyone here ni.  God forbid!!
Posted: at 28-07-2021 04:10 PM (1 month ago) | Gistmaniac
Reply
- kacylee at 28-07-2021 08:15 PM (1 month ago)
(f)
 Cry Cry Cry Cry Cry i weep for these current leaders

Posted: at 28-07-2021 08:15 PM (1 month ago) | Addicted Hero
Reply
- maxzy277 at 28-07-2021 11:29 PM (1 month ago)
(m)
Nigerians are yet to wake up, i expect protest to have taken over throughout the whole nation by now, but….. Life goes on… Na Naija way be that Grin
Posted: at 28-07-2021 11:29 PM (1 month ago) | Gistmaniac
Reply
- Dailypaper3 at 29-07-2021 06:32 AM (1 month ago)
(f)
Breaking news this is to inform the general public that individual can now #buy dangote cement directly  from the factory at the rate  of 2000 Naira per bag and Rice for 19,000 naira per bag. call the marketing manager Mrs Aruna Grace on  (08034825434) or whatsapp Transportation and offloading is 300 Naira, minimum for purchase is from 100 bags and above.  we deliver nation wide only serious buyers should call. Note payment validate order.




Posted: at 29-07-2021 06:32 AM (1 month ago) | Newbie
Reply

fire TRENDING GISTS fire

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