Two Weeks After the CBN Banned Abokifx, Here Are the Facts and Figures on the Dollar To Naira Exchange Rate

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The following are the latest developments in the two weeks after the Central Bank of Nigeria (CBN) banned abokiFX.

 

Ejes Gist News had previously reported that the Nigerian naira opened the week’s trading at N570 per dollar in the market on Monday – as Vice President Yemi Osinbajo called for the devaluation of the currency, which was later confirmed by the Central Bank of Nigeria.

 

ALSO SEE: Today’s Dollar to Naira Exchange Rate on October 11, 2021 (Black Market Rate)

According to information obtained by this online news platform, street traders in Lagos’ forex markets have quoted the naira at N570 to the dollar.

 

The is changing, two weeks after the Central Bank of Nigeria banned abokiFX.

The suspension of trading information by abokiFX has reportedly resulted in citizens turning to street traders for the current parallel market rates of the local currency, Newsonline Nigeria has learned.

 

The Central Bank of Nigeria (CBN) had previously stated that it would pursue abokiFX and its founder for engaging in “illegal foreign exchange transactions.”

abokiFX was forced to suspend its daily updates of black market rates as a result of the decision.

Yusuf, a currency trader at the Eko Hotel, stated that the exchange rate has been stable for some time.

“We are selling for N570 and purchasing for N565. “If you want to change more than $1,000, I can give you a N1 discount,” Yusuf said.

Another currency trader in Ikeja stated that the rate has remained stable for the past one week at this time.

Vice President Yemi Osinbajo stated at the midterm retreat of President Muhammadu Buhari’s second term that the country’s exchange rate is artificially low, and that this is discouraging investors from bringing foreign exchange into the country.

Osinbajo urged the Central Bank of Nigeria (CBN) to allow the naira to reflect the realities of the global market.

During the official market, the Naira fell to N414.40 per dollar, representing a 0.02 percent decline from the previous day.

Godwin Emefiele, the governor of the Central Bank of Nigeria, had previously dismissed rumours of a naira devaluation.

The governor of the Central Bank of Nigeria (CBN) stated that Nigeria would continue to operate under a managed-float exchange regime.

It is possible for exchange rates to fluctuate daily in a managed float foreign-exchange regime, but central banks must attempt to influence the rate by buying and selling currencies in order to maintain a specific range.

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