The Naira has dropped N5 to trade at N460 against the dollar in the black market, NAIJ.com can report this Wednesday, October 26.

This comes against the backdrop of the N455 rate it was on Tuesday, October 25.
Dollar to NairaHowever, Aminu Gwadabe, the president, Association of Bureau De Change Operators of Nigeria has called for a greater flexibility in the distribution of foreign exchange to their members.
Gwadabe also called for the appointment of one other distributor of the foreign currencies, in addition to Travelex, to ease the challenges faced by some of the association’s members outside Lagos.

He also advised currency hoarders and speculators against hoarding of forex so as to curb market volatility.

NAIJ.com recalls that the Central Bank of Nigeria had two weeks ago, appointed Travelex and FirstBank Nigeria Limited as the only two institutions responsible for the sale of the greenback to BDCs, in its bid to ensure improved dollar supply to the foreign currency traders.

This followed the suspension of 19 other commercial banks from same role as a result of their failure to fully comply with a directive, which required commercial banks that act as agents of international money transfer operators to always sell foreign currency remittances to licensed BDC operators.

Meanwhile, you can check out NAIJ.com’s Bureau De Change ‘market’ here for the best rates on foreign exchange.

Source: http://nigerianewsnow.com.ng/2016/10/26/just-in-naira-crashes-against-dollar-despite-travelex-weekly-sales-to-bdcs/

"The Naira has dropped N5"


Like seriously? N5?

This government lacks direction
No clear policy

Naira gains 1 and loses 5, which kind naira be this sef

Hahahahahaha.
This Alhaji Gwadabe sef na wah.
Actually the truth is that diaspora remittance is drying up. Buffeted by the low exchange rate being offered by the IMTOs and the fact that the major spike in remittance was largely due to people breaking their 401ks and their CDs for a one of transaction, the money the CBN and the BDCs and have been drooling over, is running out. All that Travelex and nonsense is just crap. The supply is running out and the dollar will now resume its march up.