The Naira, on Tuesday, August 23, slid against the U.S dollar at the parallel market exchanging at at the rate of N396 compared to N397 it was exchanged for on Monday, August 22.
The nation’s local currency also fell to the Pounds Sterling at the parallel market trading at N516 compared to Monday’s selling rate of N510 and declined further to the Euro having sold for N445 compared to N443 it was exchanged for on Monday.
This 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.
This was revealed by the President of the Association of Bureau De Change Operators of Nigeria, ABCON,Aminu Gwadabe, who 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.
