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

“We are concerned that BDCs have allowed themselves to be used for graft,” 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.