Business
Naira Slips to $505 Hours After CBN Bans Sales of Forex To BDCs
Naira Exchanges For 505/$ At Parallel Market
The Nigerian naira faintly clear-fell against the US dollar at parallel market on Tuesday, few hours the Central Bank of Nigeria (CBN) announced a nationwide stop of the sales of forex to Bureau De Change operators (BDCs).
The apex bank, through its governor said the parallel market had become an epicenter for illicit forex transaction.
It further became public that the CBN will also strike off the processing of new applications for BDC licenses in the country.
The CBN governor, Godwin Emefiele, who revealed this after a two-day meeting in Abuja, also said the bank has retained its benchmark policy rate, noted that weekly sales of foreign exchange by the CBN will henceforth go directly to commercial banks.
READ ALSO: CBN Halts Forex Sales To Bureau De Change Operators
โWe are concerned that BDCs have allowed themselves to be used for graft,โ Mr Emefiele held.
Data gathered from abokiFX.com, a website that collates the parallel market rates in Lagos and naijabdcs.com, the official websites of the BDCs, showed that naira closed at N505.00 per $1 on Tuesday.
๐๐ฟ๐ฟ๐ผ๐ด๐ฎ๐ป๐ ๐๐ฟ๐ฎ๐ป๐ฑ๐ถ๐ป๐ด: ๐ง๐ต๐ฒ ๐๐ผ๐ผ๐ฑ, ๐๐ต๐ฒ ๐๐ฎ๐ฑ, ๐ฎ๐ป๐ฑ ๐๐ต๐ฒ ๐จ๐ด๐น๐ – Adetokunbo Modupe
WHEN โOSHODI BUS-CONDUCTOR MARKETING CULTUREโ BECOMES YOUR BRAND CULTURE – By Adetokunbo Modupe
People First โ JMG Celebrates Workforce, Powering Innovation and Progress
Celebrating the People Behind the Brand โ Jamara Home Honours Its Workforce on Workersโ Day
Rite Foods Celebrates Employees on Workersโ Day, Reaffirms Commitment to Its People
-
Business3 months ago
Elebute, Inuwa, Owodeyi, Onijingin join the Board of Rite Foods Limited
-
Business3 months ago
Rite Foods Celebrates Africa Day, Highlighting Importance of Education and Consumer Empowerment.
-
News3 months ago
UCL: Real Madrid displace Man City, as Bayern knocks out Arsenal
-
News3 months ago
Sosa Fruit Drink and Rite Sausages Thrill 60 Consumers with Movie Hangout and Freebies