Naira Depreciates To N543 Per $1 Under Buhari Government
The naira, Nigeria’s currency, has hit an all-time low after exchanging for N543 against the dollar on Thursday on the parallel market.
In Abuja, bureau de change operators bought the dollar for N540 and sold it for N543.
In addition, the British Pound was sold at £1/N740.
This comes just a week after the naira was exchanged on the parallel market for N530 against the dollar.
The naira also fell to 720 against the pound on the parallel market, down from 717/£1 last week Wednesday, according to SaharaReporters, while the euro increased to N620 from N616.
The Central Bank of Nigeria banned the sale of foreign currency to all bureau de change operators in the country a few months ago.
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The CBN stopped selling Forex to BDCs on June 27, 2021, claiming that the parallel market had become a conduit for illicit Forex flows and graft.
In addition, the CBN announced that it would no longer accept applications for BDC licenses in the country.
The CBN’s weekly foreign exchange sales would henceforth flow directly to commercial banks, according to CBN Governor Godwin Emefiele.
On July 29, the Committee of Banks Chief Executive Officer, led by Herbert Wigwe, the CEO of Access Bank, predicted that the parallel market exchange rate would decrease to roughly N423 to the dollar.
Similarly, Bismarck Rewane, the Managing Director of Financial Derivatives Company Limited, stated on August 9, 2021 that the naira will climb in the parallel market in August/September to 490-495 versus the dollar.
