Capital Market

Naira slumps further, exchanges for 473/$

The naira suffered further setback at the parallel market and Investors and Exporters forex window on Tuesday.

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

It had earlier gained in recent times after it closed the year 2020 at 467/$.

At the I&E window, the naira fell by 0.17 per cent to close at 394/$ on Tuesday.

 It reached a low of 401 at the I&E window at the close of 2020.

The Central Bank of Nigeria however maintained the official exchange rate at N379/$ on its website.

The Association of Bureaux De Change Operators of Nigeria recently appealed to the CBN to make BDCs payout agents for diaspora remittances.

The President, ABCON, Alhaji Aminu Gwadabe, said the apex bank should leverage the over 5,000 licensed BDCs across the country to get dollars seamlessly to beneficiaries.

 Gwadabe said this would help in providing a more convenient channel for Nigerians in the diaspora to remit funds back to the country to boost economic development.

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