The Naira on Wednesday continued its downward trend, exchanging for N460 per dollar at the parallel market on Tuesday, despite the resumption of forex sales to the Bureau de Change Operators.
The Naira had dropped from N480/$ following the CBN’s announcement to resume forex sales to the BDCs and exchanged at N440/$ as of Thursday.
On September 7, the CBN sold $51m to 5,180 BDCs when it commenced sales.
The Central Bank Governor, Godwin Emefiele, on Tuesday, said the drop in the earning of crude oil, foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria.
Emefiele made this known on Wednesday at the 13th annual Banking & Finance Conference, being organised by the Chartered Institute of Bankers of Nigeria themed “Facilitating a sustainable future: The role of banking and finance”.
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The event was held virtually in Lagos and Abuja.
Emefiele said, “In order to adjust for the decrease in supply of foreign exchange, the Naira depreciated at the official window from N305 per Dollar to N360/$ and to N380/$.”
“These adjustments along with increased efforts to restrict undue speculative activities, has led to a growing unification of rates across all the forex market segments.”
“In addition, the band between the parallel market and the official exchange rate over the past month, has narrowed recently due to some of the measures taken by the CBN to curb illegal forex transactions.”