Economy

Naira Hits All Time Low At 543 Per $1, Pounds Now N740

Published

3 years ago

September 9, 2021

The development comes 44 days after the Central Bank of Nigeria barred sale of Forex to all bureau de change operators across the country..

According to a report by The PUNCH, the naira on Thursday continued its downward spiral on the parallel market, selling for N543 to the dollar on Thursday, The PUNCH has learnt.

While bureau de change operators in Abuja bought dollar at N540, it was sold for N543.

The British Pound was also sold for £1/N740.

The development comes 44 days after the Central Bank of Nigeria barred sale of Forex to all bureau de change operators across the country.

On June 27, 2021, the CBN ended the sales of Forex to BDCs saying the parallel market had become a conduit for illicit Forex flows and graft.

The CBN said it would also no longer process applications for BDC licences in the country.

Weekly sales of foreign exchange by the CBN will henceforth go directly to commercial banks, the CBN governor, Godwin Emefiele, said.

The Committee of Banks Chief Executive Officer headed by the CEO of Access Bank, Herbert Wigwe, had stated on July 29 that the exchange rate would drop to around N423 to the dollar on the parallel market.

Similarly, on August 9, 2021, the Managing Director of Financial Derivatives Company Limited, Mr Bismarck Rewane, said the naira would rise in the parallel market towards 490-495 against the dollar in August/September.

The PUNCH, however, reports that since the CBN’s latest Forex policy began in late June, the highest the naira has reached on the parallel market is N504/$1.