Despite resumption of forex sales to Bureau de Change operators, the Nigerian currency slumped in the parallel market.
Last week, the CBN announced its proposed resumption of sales of forex to BDCs.
In a statement signed by O.S. Nnaji, its director of trade and exchange department, the bank said forex sales would commence with effect from September 7.
The bank said the move was part of efforts to enhance accessibility to foreign exchange particularly by travellers.
The bank noted that BDCs are to ensure that their accounts with the banks are duly funded with the equivalent Naira proceeds on Fridays and Tuesdays accordingly.
Earlier in March, the CBN had suspended foreign exchange sales to Bureau De Change (BDC) operators.
Following the announcement last Friday, the naira appreciated from N480 against the United States’ dollar to N420.
At the weekend, it is understood that hoarders were thereafter forced to dump the greenback amid uncertainties.
But when forex sales to BDCs resumed earlier in the week, the Nigerian currency plunged.
On Monday, over 5,000 BDCs received $10,000 each from the apex bank.
Yet, at the parallel market Thursday, the naira was bought at N440 (against one US dollar) and sold for N455.
Earlier on Wednesday, it sold for N445 and was bought at N433.
As of 10:53 Friday morning, it is revealed that the naira sold for N460/$1 and is being bought for N440/$1 in the parallel market.
The Nigerian currency is also being valued against the British pound at N560 and the Euro at N505 as of press time Friday.
