Naira Plunges, Now Exchanges For N440/$

According to a report by The PUNCH, the naira exchanged to the dollars for N440 in the parallel market on Thursday, despite the resumption of forex sales to the Bureau de Change Operators on Monday.

The naira had last week dropped from N480/$ to N420/$, following the Central Bank of Nigeria’s announcement to resume forex sales to the BDCs.

In a circular by the CBN, it stated that, “As part of efforts to enhance accessibility to foreign exchange particularly to travellers following the announcement of limited resumption of international flights by the Honourable Minister of Aviation, commencing with Abuja and Lagos, the Central Bank of Nigeria hereby wishes to inform the general public that gradual sales of foreign exchange to licensed BDC operators will commence with effect from September 07, 2020.

“Consequently, purchase of foreign exchange by BDCs shall be on Mondays and Wednesdays in the first instance.

“The BDCs are to ensure that their accounts with the banks are duly funded with the equivalent naira proceeds on Fridays and Tuesdays accordingly.”

The Director, Corporate Communications Department at the CBN, Isaac Okorafor, had earlier, assured that those requiring foreign exchange for purposes of travel, educational fees and other invisibles could obtain such over the counter from their respective banks.

On Monday’s forex sales resumption, about 5,180 BDCs got $10,000 each, making a total of $51.8m.