Naira Falls To ₦515 Per Dollar

On Wednesday, the naira gave up some of its recent gains versus the dollar on the parallel market, owing to the country’s continued scarcity of the greenback. On the parallel market, the local currency slipped to 515 versus the dollar from 510 on Tuesday. After dropping to 525/$ on the parallel market on July 28, a day after the Central Bank of Nigeria ceased selling foreign money to Bureaux de Change, the naira strengthened to 506/$ on August 4. In recent days, it had been hovering around 508/$ and 510/$. Mr. Godwin Emefiele, the Governor of the Central Bank of […]



The CBN Has Halted The Sale Of Dollars To BDCs

The Central Bank of Nigeria (CBN) has announced that it will immediately cease selling foreign exchange to Nigerian Bureau De Change (BDC) operators. The Central Bank claims to have evidence that the BDCs were engaging in rent-seeking when it came to dollar sales. The remark was made by CBN governor Godwin Emefiele during a virtual press briefing on Tuesday to mark the end of the apex bank’s Monetary Policy Meeting (MPM). Emefiele also stated that the MPC has maintained all monetary policy parameters at the 11.5 percent Monetary Policy Rate. As a result, he stated that the CBN will no[…]



The CBN Gives Payment Service Banks Permission To Sell Dollar

The Central Bank of Nigeria (CBN) published a supervisory framework for payment service banks yesterday (PSB). The framework allowed PSB operators to sell foreign currencies, particularly dollars, to authorised foreign exchange dealers, among other things. The PSBs were also given permission by the CBN to accept deposits from people and small businesses that would be covered by the deposit insurance system, as well as to conduct payments and remittances (including inbound cross-border personal remittances) through various channels within Nigeria. According to the framework, operators are expected to use technology to deliver services that are easily accessible to the unbanked people[…]