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Naira slumps N473/$ at parallel market

The Naira exchanged 473/$ at the parallel market on Tuesday, according to  the foreign exchange (forex market) operators. The naira also suffered similar setback at the Investors and Exporters (I & E) window.

According to Bureau De Change (BDC) operators figures, 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/$. It reached a low of 401 at the I&E window at the close of 2020. 

However, the Central Bank of Nigeria (CBN) maintained the official exchange rate at N379/$ on its website.

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

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

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

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