The Country apex bank, Central Bank of Nigeria (CBN) has given a matching oreder to the operators of Bureau De Change (BDC) in Nigeria to henceforth sell dollars at N392 to end-users.
According to reports by Naija news, the directive was given in a circular signed by O.S. Nnaji, director of trade and exchange at the CBN, and dated November 30, 2020.
“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,” this was the statement of O.S. Nnaji, director of trade and exchange .
The CBN stated that the volume of sales for each market stand at $10,000 per bureau de change (BDC) operator.
It was observed that at the close of trading on Friday, figures from the financial market dealers exchange rate over the counter (FMDQ) NAFEX, an official market where the exchange rate is traded, also show that the exchange rate between the naira and dollar has depreciated to N390/$1 — lowest level since the introduction of the import & export (I&E) window in 2017
Its important to note that Nigeria on Saturday, November 21, officially went into recession for the second time under President Buhari‘s administration, but this time, it was said to be the worst since 1987.
Figures released by the National Bureau of Statistics (NBS) reveal that Nigeria is officially in a recession, with the West African country recording a contraction of 3.62 per cent in the third quarter of 2020.