By Francis Ogwo
The volatility of the Naira has once again been stirred as the The Central Bank of Nigeria (CBN) has reportedly devalued the Naira.
This was contained in a message sent to all Bureau De Change (BDC) Operators with the title ‘URGENT ATTENTION TO ALL BDCS UPWARD FUNDING REVIEW’.
“We are now to fund at 393/$ = 3,930,000 from now till 2pm tomorrow for next week collection. Kindly comply accordingly.Thanks. ABCON STILL CARES” the message concluded
Recall that the Naira had recorded appreciable gain against the US dollar, currently trading at around N470-N480 to one dollar depending on location as at December 2, 2020.
Observers had applauded the progress of the Naira as encouraging especially in the struggle out of recession.
The recent CBN policy allowing citizens to withdraw their international remittances from domiciliary accounts had drawn applause from market watchers.
