In News by Oluwaseun Samuel on the 11th, September, 2020

Naira Plunges, Now Exchanges For N440/$

Naira Plunges, Now Exchanges For N440/$

Greenback to naira

Based on a report by The PUNCH, the naira exchanged to the for N440 within the parallel market on Thursday, regardless of the resumption of foreign exchange gross sales to the Bureau de Change Operators on Monday.

The naira had final week dropped from N480/$ to N420/$, following the Central Financial institution of Nigeria’s announcement to renew foreign exchange gross sales to the BDCs.

In a round by the CBN, it acknowledged that, “As a part of efforts to reinforce accessibility to international trade notably to travellers following the announcement of restricted resumption of worldwide flights by the Honourable Minister of Aviation, commencing with Abuja and Lagos, the Central Financial institution of Nigeria hereby needs to tell most people that gradual gross sales of international trade to licensed BDC operators will begin with impact from September 07, 2020.

“Consequently, buy of international trade by BDCs shall be on Mondays and Wednesdays within the first occasion.

“The BDCs are to make sure that their accounts with the banks are duly funded with the equal naira proceeds on Fridays and Tuesdays accordingly.”

The Director, Company Communications Division on the CBN, Isaac Okorafor, had earlier, assured that these requiring international trade for functions of journey, instructional charges and different invisibles may get hold of such over-the-counter from their respective banks.

On Monday’s foreign exchange gross sales resumption, about 5,180 BDCs acquired $10,000 every, making a complete of $51.8m.

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