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The dollar now sells for N247
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The dollar now sells for N247

Ezinne Osuagwu

The naira fell against the United States dollar from 243 to 247 at the parallel market on Thursday, a day after the Central Bank of Nigeria banned over 1,600 Bureau De Change operators from participating in its twice-weekly sale of foreign currencies.

The naira had hovered between 241 and 243 before falling to 247 on the streets of Lagos and Abuja.

The CBN had on Wednesday stopped BDC operators who failed to render appropriate returns on the utilisation of previous forex purchased from it.

Out of the over 2,800 BDCs that applied to buy forex on Wednesday, 1,600 failed to satisfy the CBN on the utilisation of previous allocations and were consequently denied access to fresh supplies.

The development led to serious scarcity of dollar across major cities on Thursday. While the greenback sold for 247 in the parallel market; the United Kingdom pound sterling, which was previously going for 355 against the naira, went as high as 360. Similarly, the euro went from 277 to 280.

Source: Vanguard.com