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Commercial banks sell U.S dollar at N412

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Naira falls by N2 as CBN promo fails to stop depreciation

Nigerian banks on Monday sold the U.S dollars at N412 to Nigerians, check by Ripples Nigeria has shown.

While on the street, currency traders price the Dollar at N512/$. Indicating a difference of N100

Recall that the Central Bank of Nigeria (CBN) had last week stopped sales of FX through Bureau de Change Operators and announced that it will only deal with commercial banks.

CBN governor, Godwin Emefiele, also described BDCs as a conduit for illicit forex flows and graft.

BDCs are licensed to provide retail FX services, including buying from the public and also selling to end-users for allowable transactions, namely personal travel allowance, business travel allowance, payment of medical and school fees.

This services commercial banks have taken by setting up teller points for customers in their branches.

The banks are giving Intending traveling customers 4,000 dollars per quarter for personal travels and 5,000 dollar per quarter for business travels.

BDC operators are defiant that it will remain relevant in the market while assuring Nigerians that their service remain unchanged.

READ ALSO After CBN big decision Naira ends week with 2.18% loss to dollar

According to a statement released by the Association of Bureaux De Change Operators of Nigeria, they noted that the pronouncement of the CBN did not stop BDCs from providing forex services as allowed by their operating licences and will source for forex independently.

“ABCON has always worked with the CBN to ensure proper working of the FX market and in line with this principle, we will engage with the apex bank to address and resolve all the issues that led to the recent action, including identification and sanctioning of earring BDCs, where necessary,” the group said.

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