By our reporter| The Central Bank of Nigeria (CBN) has once again devalued the naira and has directed bureau de change operators not to sell dollars higher than N392 to end users.
The apex Bank’s director of trade and exchange, O.S. Nnaji, who made the disclosure in a circular dated November 30, 2020, said the volume of sales for each market is to be pegged at $10,000 per bureau de change (BDC).
The circular read, “Please be advised that the applicable exchange rate for the disbursement of proceeds of IMTOs, for the period Monday, November 30 to Friday, December 14, 2020, is as follows: International money transfer service operators (IMTSOs) to banks – N388/$1; Banks to CBN – N399/$1; CBN to BDCs – N390/$1; BDCs to end-users not more than N392/$1.”
Figures from the financial market dealers exchange over the counter (FMDQ) NAFEX, an official market where the exchange rate is traded, at the close of trading on Friday reflected the new reality as the exchange rate between the naira and dollar depreciated to N390/$1 — lowest level since the introduction of the import & export (I&E) window in 2017.
This is also about N4 higher than the N386 per dollar which the apex bank had sold dollars to the BDC operators.
In the parallel market, the naira exchanged at N495.00/$1.
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