Naira on freefall with N473 to the dollar on Tuesday

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Factual Pursuit of Truth for Progress

 

By Francis Ogwo

The naira has further sloped downwards at the parallel market and also the Investors and Exporters forex window on Tuesday exchanging at N473/$.

This is according to figures obtained from Bureau De Change operators with records showing it had earlier gained in recent times after it closed the year 2020 at 467/$.

At the I&E window, the naira fell by 0.17 per cent to close at 394/$ on Tuesday reaching a low of 401 at the I&E window at the close of 2020.

The Central Bank of Nigeria on its website maintained the official exchange rate at N379/$ even as the Association of Bureaux De Change Operators of Nigeria (ABCON) recently appealed to the CBN to make BDCs payout agents for diaspora remittances.

In the views of the President, ABCON, Alhaji Aminu Gwadabe, the apex bank should leverage the over 5,000 licensed BDCs across the country to get dollars seamlessly to beneficiaries.

He was of the view that this would aid convenience in funds remission from the diaspora.

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