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