Economy

A day after CBN’s new forex policy, Naira falls to N522/$1 at parallel market

The naira has significantly dropped to N522 to a dollar at the parallel market on Wednesday afternoon, coming just one day after the Central Bank of Nigeria (CBN) discontinued the sale of foreign exchange (FX) to Bureaux De Change (BDCs) operators in the country.

The CBN Governor, Godwin Emefiele, had on Tuesday announced the end of forex sales and new licence approval after the Monetary Policy Committee (MPC) two-day meeting in Abuja. 

He expressed the MPC’s disappointment over their continuous abuse of the privilege.

At the end of the meeting, the MPC retained the lending rates and other parameters.

Following the directive, 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 abokiFX.com, a website that collates parallel rates in Lagos showed.

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