Dev. Finance
Xmas festivities push naira exchange rate to N570/dollar
The naira fell against the dollar on Tuesday, December 14, 2021, as it sold for N570 in the parallel market, according to findings by Business Review.
Investigations from Bureau De Change operators in Lagos indicated that dollar was bought for N567 and sold for N570, respectively.
This shows an increase in exchange rate compared to N550 and N555 some weeks back.
Most Bureau de Change Operators said the new exchange rate was due to an increase in the demand for the greenback as people prepare to travel in celebration of the festive season.
The CBN had in July this year stopped foreign exchange sales to the licensed BDCs, leaving the operators to source for their forex on their own.
Prior to the stoppage of the forex sales, the CBN was supplying $10,000 to each BDCs twice a week.
At the Importer & Exporter forex window, the naira fell by 0.18 percent to close at N414.8/$1 after plunging to N444/$.
The CBN retained its official rate on its website at N411.73.
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