Naira continues downward spiral, exchanges for 460/$

The naira continued its downward spiral, as it exchanged for the dollars at N460 in the parallel market on Tuesday, despite the resumption of forex sales to the Bureau de Change Operators.

The naira had earlier dropped from N480/$ following the Central Bank of Nigeria’s announcement to resume forex sales to the BDCs, and exchanged at N440/$ as of Thursday.

The CBN on September 7, sold $51m to 5,180 BDCs when it commenced sales.

The Central Bank Governor, Godwin Emefiele, on Tuesday, said the drop in crude oil earnings, as well as the drop in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria.

He said this during the 13th annual Banking & Finance Conference, being organised by the Chartered Institute of Bankers of Nigeria with the theme, “Facilitating a sustainable future: The role of banking and finance,” on Wednesday.

The event took place online in both Lagos and Abuja.

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