Naira Crashes to N318.91/$1 At Interbank Market

The Central Bank of Nigeria, CBN, has already directed international money transfer operators to pay dollar proceeds from transfers into local commercial banks in naira, while selling the dollars themselves to bureaux de change outlets, Guardian reports.The apex bank hopes the move will help narrow the gulf between the official and black market rates and boost dollar liquidity, traders say.

Some past suppliers of dollars, including oil firms, are now selling some of their hard currency directly to petrol importers under an arrangement with the government, draining supply at the market and pressing the reserves.Besides, the noted that banks, which act as agents of some international money transfer operators are yet to comply with the directive from the Central Bank of Nigeria, that instructed them to sell foreign currency remittances to licensed bureau de change operators.