Naira Slides to N402/$1 as CBN Suspends FX Sales

• Naira Slides to N402/$1 as CBN Suspends FX Sales

The foreign exchange rate of the Nigerian Naira to a US dollar declined further on Friday after the Central Bank of Nigeria suspended the sales of forex to the Bureau De Change operators in the country.

The Association of Bureaux De Change Operators of Nigeria had requested two weeks market holidays given the ongoing local and global challenges amid COVID-19 pandemic. This, however, created a temporary scarcity of the US dollar as demand outweighs supply.

Accordingly, the Nigerian Naira was exchanged at N402 to a US dollar on Friday at the Bureau De Change segment of the forex market, lower than the N380 stipulated by the CBN.

It should be recalled that the central bank ‘adjusted’ the exchange rate to a uniform rate of N380 last week after the apex could not sustain N360/$1 exchange rate due to low oil prices.

Alhaji Aminu Gwadabe, the President, ABCON, “This is to urgently bring to the notices of our members nationwide that following our letter of recommendations to the CBN to grant us market holidays on our bidding days as a proactive and preventive measure on the scourge of the novel COVID-19 epidemic and the ban on all air/land travels, the CBN has granted our request, effective Friday, March 27, 2020.”

“There shall be no market days henceforth for a tentative period of two weeks.”