The current exchange rate of one dollar to naira in the parallel market is four hundred and forty naira. This is inspite of theresumption of forex sales to the Bureau de Change Operators on Monday.
Last week the naira rate had moved from four hundred and eight naira per dollar to four hundred and twenty naira per dollar,following the Central Bank of Nigeria’s announcement to resume forex sales to the BDCs.
The CBN had stated that: “As part of efforts to enhance accessibility to foreign exchange particularly to travellers following the announcement of the partial resumption of international flights by the Honourable Minister of Aviation, commencing with Abuja and Lagos, the Central Bank of Nigeria hereby wishes to inform the general public that gradual sales of foreign exchange to licensed BDC operators will commence with effect from September 07, 2020.
“Consequently, the purchase of foreign exchange by BDCs shall be on Mondays and Wednesdays in the first instance.”
“The BDCs are to ensure that their accounts with the banks are duly funded with the equivalent naira proceeds on Fridays and Tuesdays accordingly.”
The Director, Corporate Communications Department at the CBN, Isaac Okorafor, had also earlier, assured Nigerians that those requiring foreign exchange for purposes of travel, educational fees and other invisibles could obtain such over the counter from their respective banks.
On Monday’s forex sales resumption, about 5,180 BDCs got $10,000 each, making a total of $51.8m.
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