Naira slumps further, exchanges for 473 per dollar

On Tuesday, the naira suffered a setback at the parallel market and Investors and Exporters forex window.
EJ
By Emeh Joy

On Tuesday, the naira suffered a setback at the parallel market and Investors and Exporters forex window.

According to figures obtained from Bureau De Change operators, the naira exchanged to the dollar for 473/$ at the parallel market.

Earlier, it had gained after it closed the year, 2020 at 467 per dollar.

At the Investors and Exporters window, the naira fell by 0.17 per cent to close at 394 per dollar on Tuesday. It had reached a low of 401 at the I&E window at the close of 2020.

However, the Central Bank of Nigeria maintained the official exchange rate at 379/$ on its website.

Recently, the Association of Bureaux De Change Operators of Nigeria appealed to the CBN to BDCs payout agents for diaspora remittances.

The President ABCON, Alhaji Aminu Gwadabe, in the course of the appeal said CBN should leverage the licensed BDCs in the country that are over 5,000 to get dollars seamlessly to beneficiaries.

Gwadabe noted that this would help provide a more convenient channel for Nigerians in the diaspora to remit funds back to the country in order to boost economic development.