It said all forex transactions must be conducted at the Investor & Exporter window to ensure transparency and stability. It also clamped down on abokiFX after accusing the website and its owner of manipulating the currency to sabotage the economy.Īt the last Monetary Policy Committee meeting in October, the committee urged the CBN to take further steps to restrict the activities of unauthorised and illegal dealers in the forex market. The apex bank also went ahead to rubbish black market rate and promised to completely make their activities irrelevant You will recall that CBN stopped the sales of forex to the Bureau De Change operators describing them as “agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria”. This is a major victory for the Central Bank of Nigeria (CBN) which has been battling to squeeze out the activities of black market traders.
“Many people who travelled have arrived and there is no high demand for forex as many people are not travelling now,” a BDC operator said.Īnother operator said, “The naira had been appreciating and many who have kept the Foreign currencies would be losing a lot.” The significant gain of the Naira will hurt many speculators hoarding dollars in expectation of Forex market pressure ahead of the holiday season. Nigerian currency has recorded the biggest rise in value at the black market on Wednesday as demand for dollars dropped significantly.īlack market traders who spoke to Ripples Nigeria confirmed that the Naira exchange rate to the U.S dollar dropped to N538 Wednesday evening from the N568 to N570 it traded for over 2 weeks.
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