NAIJ.com can report that the new foreign exchange policy by the Central Bank of Nigeria (CBN) may have started taking its toll on the bureau de change operators. Findings on Wednesday afternoon revealed that after the flotation of the Nigerian currency, the BDC guys have started lowering their rates as more banks have been empowered to sell the naira to interested buyers in a bid to have a single market for forex trading.

Rising from its N335/$ rate on Tuesday, the Nigerian currency now trades at N320/$ on the black market as more buyers prefer to purchase from authorised dealers rather than the black marketers. Sources at the BDC informed our correspondent that they have been in trouble since the new policy took effect on Monday, June 20. Although many of the operators are still on the streets, trying to get people to buy their dollar which may soon get beyond their reach if the new CBN policy swings into full implementation. Meanwhile, there are also reports that the CBN sold a massive $100 million at its interbank spot on Tuesday, as the country’s apex bank seeks to pay the backlog of $4bn being owed.

Speaking on the latest development, CBN’s spokesperson, Isaac Okoroafor told Bloomberg that, “It’s our estimate that the bulk of the backlog of orders has been met. “We’re very optimistic that liquidity in the FX market will improve. Whether we decide to intervene again depends on the dynamics.”

The new policy, according to Godwin Emefiele, the CBN govenor, is one that ensured the floating of the Nigerian currency, and the fact that the foreign currency will only be obtained from only a market. When NAIJ.com’s crew went on the streets to ask the BDC operators for their thoughts on the new policy by the central bank, they were quite evasive, as they vowed that they had nothing to say about the new development. Most of them stated categorically that it will not in any way affect their smooth operation.

https://www.naij.com/868653-black-marketers-go-carpet-naira-strengthens-dollar.html

we shall make it!!

lalasticlala, dem say naira done improve ooo. Oya tell people on front page bikonu.

I will comment after one month of consistency

still where it's

Nothing to celebrate about, after all I voted for $1-#1. Sai Baba I believe you.

It's back to 340 this evening; Call your Mallam.
The Kangaroo hide and seek policy will be running in circles.
There is no foundation and structure to sustain floating forex policy except CBN knows how much dollar people need in a day, which is impossible.

This is Nigeria, so it's either you devalue and stablize or you stick to your hard-line and criminal disbursement of our dollars to your friends and relatives.
There is too much corruption in the system and it will take years to clear.
Some people will have to be jailed forever before we can achieve that, That's what the Chinese did and maintained.
The problem is that some animals already believe that it's a way of life to cheat the system.
When you appoint your friends and family to CBN or any agency ahead of more qualified people, That's massive corruption. You may think you are doing them a favour but the truth is that you are setting the country back.

Either way, we can only suffer it for a few more years before you either finish your tenure or die. Time takes care of everything.
I am not wishing you death, it's a natural occurrence that seems to target old people more than the young ones.
Just that we fail to acknowledge that.

And before the trigger happy banner pull his trigger, understand that i am just saying the truth and that i don't care.

I tot i was seeing 280 yesterday?

At this rate, N1to $1 --- Vision 3050

good news

Goodnews

The exchange rate of Naira as become un-predictable due to the new CBN policy. It is just flipping and flopping against US dollar

Chai! Heart attack for some people today as they wont like this news.

Initial gragra but I like the good news

Initial gragra but I like the good news...

Nigeria will be great again

Ok nice.

folawalesegun:
Nigeria will be great again

I know Nigeria will be great one day.... But dat one day is just not in sight yet.

I do think the trend will continue though especially if CBN continues to intervene. The interbank market continues to trade at above $/N280

How does this new forex rate affect DISCO, from dancing DISCO with my electricity supply?

For once something seem to be working in this country!

NigerDeltan:
I tot i was seeing 280 yesterday?

This is parallel market aka black market, 280 is bank rate.

Does anyone know a reputable BDC?

It will still shrink further as demand for dollars at the parallel market reduces. Law of Demand will definitely take effect.

I bought for 295/1 dollar...first Bank early this morning

9ja na wa. Bubu said they will never devalue our currency, promised naira/dollar parity. Suddenly, naira is worth around 65% less than govt official rate just a week ago and we are celebrating.

Kai! Even a bonobo monkey can rule 9ja because anything goes.

We hope for a better tommorow

Its a temporary effect... Common demand and supply law in action.
The truth is, the naira will be permanently devalued to a fixed 280 or 300- 1$
This floating policy is only a short term solution. Its like using ice on an injury, it will feel good for a moment but sooner or later it will melt.
It doesn't even make sense to allow the Forex of an oil exporting country to depend on the demand factor on a long term, its actually risky when oil prices spontaneously drop.

But bank charges on master/visa card are still high

Nigeria will be great again?
Nigeria was never ever great

MrTruth4real:

This is parallel market aka black market, 280 is bank rate.

So after floating the money they still have black market?

We were asking how this floatation will remove aboki money changers and bdc from mopping up dollars from official sources through the back door and hiking the parallel market rates again. Some people began to speak grammar to us. As if we do not know that rules specifically exist for breaking in 9ja.