Following the Central Bank Nigeria (CBN)’s recent announcement to discontinue the sale of foreign exchange to Bureau De Change operators the value of the Naira plunged to N525 to a Dollar at the parallel market.
The Naira resumed trading on Wednesday at N505/$1, but shed N20 or 3.9 percent, according to data on abokiFX.com, a website that collates parallel rates in Lagos.
The local currency however traded moderately at the importer & exporter (I&E) window to close for the day at N411.60 per dollar.
The Governor of the CBN, Godwin Emefiele, on Tuesday, announced the discontinuation of forex sales to BDCs.
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Emefiele disclosed that BDC operators were being used as conduits for money laundering activities in Nigeria.
He further stated that commercial banks will henceforth be used as the outlet for meeting the legitimate FX demands and directed banks to offer forex to every customer who meets requirements.
The latest development is also coming amid plunging external reserves and diaspora remittances.
