Naira sees biggest plunge ever after CBN forex ban

Naira sees biggest plunge ever after CBN forex ban

7/28/2021 4:44:00 PM

Naira sees biggest plunge ever after CBN forex ban

Naira fell N17.00 to N522 within a day of the CBN decision.

ADVERTISEMENTNaira fell significantly against the U.S. dollar at the parallel market on Wednesday noon, a day after theCentral Bank of Nigeria(CBN) said it would no longer sell forex to Bureau De Change operators.The local unit, which opened at today’s trading session at N505 per $1, is currently trading at N522 to a dollar at the parallel market segment, data from, a website that collates parallel rates in Lagos showed.

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This implies a N17.00 or 3.40 per cent devaluation from N505.00, the rate it closed at the previous session of the black market on Tuesday. It is the currency’s biggest fall ever.The CBN governor, Godwin Emefiele, had announced Tuesday that it has stopped the sales of forex to Bureau De Change operators.

He explained that the parallel market operations had become a conduit for illicit forex flows and graft.Mr Emefiele who stated this during a live TV broadcast while announcing that the bank has retained its benchmark policy rate, emphasised that weekly sales of foreign exchange by the CBN will henceforth go directly to commercial banks, and that the CBN will also call off the processing of applications for for BDC licences in the country.

“We are concerned that BDCs have allowed themselves to be used for graft,” Mr Emefiele said.ALSO READ:ANALYSIS: CBN forex ban will likely raise prices further. Here’s how it’ll affect youHe said the CBN would channel weekly allocations of dollar sales to commercial banks in order for them to meet legitimate foreign exchange demands, while urging bank operators to sell forex to every customer who meet its requirements.

Analysts say the move is bound to push prices of goods and services higher at a time inflation has reached a four-year high.Related Read more: Premium Times »

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Sometimes I feel like the CBN governor is on a mission.

Naira falls after CBN stops forex sales to BDCsThe CBN says it will not sell dollars to BDCs because they had become a conduit for illicit forex flows and graft. This country can never be good just stop all these news it's not a new thing 😡 Thelagosveganf1 Thunder 🔥 these morons 🤦🙄😏 No hope in Nigeria. Lets destroy, sweep and flush all this idiots called leaders out from system. Nigeria will never be good. Open and close policy. My anger is once price of commodities rise because unsteady policy. That price will not come down when that policy reverse.

Naira May Slide As CBN Bans Forex Sale To BDCsThe Naira is set to further depreciate in value as the Central Bank of Nigeria (CBN) yesterday stopped sale of foreign exchange to Bureau de Change I think this guy is a thread to Nigeria’s and sabotaging the economy They are weakening Naira on the daily basis.

Benchmark Rate: CBN urged to curb inflation, Naira depreciationThe MPC meeting is scheduled for Monday and Tuesday.

CBN Suspends Sale of FOREX to BDCs*Halts further processing of BDCs’ applications for FOREX, new licences *FOREX sale now to be conducted by banks *Retains interest rate at 11.5% James Emejo in Abuja Citing various regulatory…

Breaking: CBN Suspends FOREX Allocation to BDCsHalts further processing of BDCs’ application for FOREX, licensing of operators FOREX sale now to be conducted by banks Retains interest rate at 11.5% By James Emejo The Governor of the Centr… FG is planning to ban forex trading that is end point of this headline

BREAKING: CBN bans sales of forex to BDCsThe regulator will henceforth sell dollars and other foreign currencies directly to commercial banks, which have been mandated to sell to Nigerians. These guys are just doing experiential economics with Nigeria Embassies, international organisations etc also involve in fraudulent forex transaction JULY BONANZA. For d First 20 people. Get Ur Business Logo Design 4 Just 1000, Previous Price Was 3000 Limited Time offer.. Message Me Directly Or Click on the link below 2 chat me up on WhatsApp. 👇🏽👇🏽👇🏽👇🏽👇🏽