The naira slumped against the Dollar at the parallel market on Wednesday, August 24, exchanging at the rate of N400 compared to N396 it was exchanged for on Tuesday, August 23.
The Nigerian currency however firmed up to the Pounds Sterling trading at N512 compared to Tuesday’s selling rate of N516 and remained stable to the Euro at N445.
President of the Association of Bureau De Change Operators of Nigeria, ABCON,Aminu Gwadabe, earlier in the week, hinted that the fluctuation at the parallel market might not be unconnected to commercial bank’s failure to sell $50,000 weekly from Diaspora remittances to Bureau De Change, BDCs, as directed by the Central Bank of Nigeria.
Gwadabe said only 10% of BDCs from the Lagos market have so far accessed dollar from banks since the CBN gave the directive nearly three weeks ago.
