THE Naira continued its downward spiral on the parallel market to exchange at N543 per dollar on Thursday.
While bureau de change operators in Abuja bought dollar at N540, it was sold for N543. The British Pound was also sold for N740 per £1.
This is coming about 44 days after the Central Bank suspended sale of Forex to all bureau de change operators across the country.
The CBN had, on June 27, 2021, stopped the sales of Forex to BDCs, saying the parallel market had become a conduit for illicit Forex flows and graft.
The apex bank said it would also no longer process applications for BDC licences in the country.
Based on the new directive, weekly sales of foreign exchange by the CBN will henceforth go directly to commercial banks, according to the CBN governor, Godwin Emefiele.
The Committee of Banks Chief Executive Officers headed by the CEO of Access Bank, Herbert Wigwe, had stated on July 29 that the exchange rate would drop to around N423 to the dollar on the parallel market.
Also, on August 9, 2021, the Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, said the naira rise in the parallel market towards 490-495 against the dollar in August/September.
However, since the CBN’s latest Forex policy began in late June, the highest the naira has reached on the parallel market is N504 per $1.
