CBN Forex: Central Bank of Nigeria wan resume sale of forex to BDC at rate of N386/$1 - Dis na how e go affect you
Central Bank of Nigeria (CBN) don announce say dem go soon begin dey sell Foreign Exchange (Forex) to Bureau De Change starting from 31 August 2020.
CBN Director of Trade and Exchange Department Dr O.S. Nnaji tok dis one inside one circular wey im sign give authorised dealers, BDC and di general public wey im title Resumption of Sales to Bureau De Change Operators. Di number one bank for Nigeria tok say di reason why dem wan begin sell forex na because of di international flight wey go soon start for di kontri and dem don order all authorised dealers to sell forex give Nigerians wey dey travel or need am for business for N386 per dollar. See four things you gatz know now CBN wan resume sale of forex to BDC at N386/$1 Naira note Wetin dis one mean and how e go affect you CBN tok say dem go sell forex to BDC for di rate of three hundred at eighty six naira to one dollar (N386/$1) starting from 31 August. Nigerians wey wan travel comot di kontri go only need show dia passport, visa and tickets for banks and dem go fit buy forex for di official rate of N386/$1. Na almost 3,000 BDC's na im dey Nigeria and na only $10,000 di CBN wan release and no be only for BDC's but dem go also sell give authorised dealers like banks and forex dealers like Travelex. Di foreign exchange rate still fit increase if many pipo wey dey demand for am plenty pass di money wey dey for ground as pipo go begin travel go outside di kontri and di price fit triple if e enta black market. Nigeria forex devaluation timeline - 2020 CBN Govnor Godwin Emefiele Nigeria don begin dey experience exchange rate wahala since dis year start sake of di reduction in oil prices. Saudi Arabia and Rusia di world largest oil producers bin get argument on how to share profit wey dey come from oil and dis one lead to quarrel wey reduce di price of oil to zero dollars. For March, Covid -19 palava also affect Nigeria economy and wit di oil crisis wey dey di kontri no too make money from di sales of crude oil. Nigeria exchange rate for NAFEX sell at N385.75 for Thursday, August 27, 2020. For parallel market forex sell for N477/$1 as e close on Thursday.