According to the Central Bank of Nigeria (CBN), the discontinuation of FX allocation to Bureau De Change operators helped the Naira remain constant at the Investors and Exporters Window (I&E).
However, since the BDC prohibition policy, the currency has dropped significantly in the underground market.
The statement was made at the CBN’s 32nd Seminar for Finance Correspondents and Business Editors on Thursday in Akure, Ondo, by Governor Godwin Emefiele, who was represented by Mr Edward Adamu, Deputy Governor, Corporate Services.
The naira and the US dollar exchange rate at the official Investors and Exporters (I&E) market remained steady from the previous day at N417/$1.
The parallel market saw a drop in the currency rate, with the average selling for N583/$1, down 0.87 percent from the previous session’s rate of N578/$1. This is the case, according to data gathered from BDCs in Nigeria.