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CBN Insists BDC Ban Has Helped Naira Stabilise

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The termination of FX allocation to Bureau De Change operators, according to the Central Bank of Nigeria (CBN), has helped the Naira remain stable at the Investors and Exporters Window (I&E).

However, there has been a significant fall of the currency in the black market since the BDC ban policy.

The Governor of the CBN, Mr Godwin Emefiele, who was represented by Mr Edward Adamu, Deputy Governor, Corporate Services, made the announcement during the CBN’s 32nd Seminar for Finance Correspondents and Business Editors on Thursday in Akure, Ondo.

At the official Investors and Exporters (I&E) window, the naira and the US dollar exchange rate remained unchanged at N417/$1 from the previous day.

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The parallel market witnessed a market depreciation, with the exchange rate selling for an average of N583/$1, down 0.87 percent from the previous session’s rate of N578/$1. According to information collected from BDCs in Nigeria, this is the case.

When the CBN prohibited BDCs on July 27, 2021, the exchange rate was N500/$1. Now, the Naira appears to be sliding near N590, showing more ground lost after the BDC ban.

Hammed Tajudeen is the editor in-chief of Blaze News, holds Higher National Diploma(HND) in Mass Communication, graduated from Osun State Polytechnic, Iree.

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