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    Breaking: Iran launches missiles at US bases in the Middle East

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    Federal Government declares June 6 and 9 public holidays

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    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

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    CBN ends free ATM withdrawals for other banks’customers

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    How Donald Trump won the 2024 U.S Presidential Election

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    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

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Home Markets Forex

Naira crashes at the parallel market after CBN stop forex sale to BDCs

Wednesday, 28 July 2021, 3:18 pm
in Forex, Markets
0
CBN extends Naira 4 Dollar Scheme for diaspora remittances until further notice
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Naira exchange rate against the US dollar on Wednesday afternoon crashed at the parallel market – popularly known as the black market, according to the data on AbokiFX.

The fall comes after the Central Bank of Nigeria on Tuesday said it has stopped selling foreign exchange to Bureau De Change

Naira depreciated by 3.37% or N17 to N522 per dollar on Wednesday compared to N505 per dollar it exchanged on Tuesday.

However, at I & E FX Window, the exchange rate opened at N411.50 per dollar, compared to N411.67 per dollar it closed on Tuesday, according to the data on FMDQ.

The high and low exchange rates at the I & E FX Window on Wednesday are N412.95 per dollar and N387.67 per dollar respectively. $115.67 million has exchanged hands at the Window  at the time of this report.

  • Read also: Bitcoin rises above $40,000
  • Vitafoam Nigeria Plc grows profit by 59% for 9 months ended 30 June 2021

The CBN said the BDCs had defeated their purpose of existence to provide forex to retail users; had become wholesale and illegal dealers; and had continued to make huge profits while Nigerians suffered in pain.

The bank said that its weekly sale of foreign exchange will henceforth go directly to commercial banks, adding that banks would be monitored to provide forex for the legitimate use of Nigerians.

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

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