At the I&E forex window, the naira reached a high of 415.20 to close at 414.90.

The official website of the Central Bank of Nigeria’s licensed Bureau De Change operators, www.naijabdcs.com, used for the publication of exchange rates of the naira to other currencies stopped publication of rates.

This followed the suspension of foreign exchange publication by AbokiFX after the CBN vowed to clampdown on the website, the owner and its patrons.

Despite efforts by the regulatory authority to salvage the naira crisis, the naira lost a margin of not less than 40 to the dollar in two months.

During a webinar earlier in the year which was organised by the Association of Bureaux De Change Operators of Nigeria in partnership with the CBN and other financial regulatory bodies, the association had said that, “ABCON is working with its consultants to revamp the naijabdcs.com to MyBdc.com.”

It would be recalled that ABCON launched www.naijabdcs.com in 2018, to provide data of different rates, names, contacts and locations of the CBN licensed BDCs, as well as for other digital forex services.

Ever since, the website had furnished the public with rates in the parallel market, the way abokiFX had done.

But after the suspension of exchange rates publication on abokiFX, the BDCs’ website did not publish its daily rates.

The CBN Governor, Godwin Emefiele, had gone tough on abokiFX, after accusing the website and its owner of manipulating the currency to sabotage the economy.

Emefiele said, “Our preliminary findings show that his website is being used for foreign exchange manipulation and speculation.

“They get naira notes, use it to purchase dollars, take a position, change the rate over a given period, sell the dollars they purchase and make a profit. This is completely illegal, it is unacceptable and we will pursue them.”

Source: Punch - https://punchng.com/naira-exchanges-580-to-the-dollar/?utm_medium=Social&utm_source=Facebook&fbclid=IwAR2pkGyhK9Gqp12Q1oilK4o-ZdHz1uVH4wjmzTgehPwUaLeyFf6V164DFF8#Echobox=1632721194

The other day I wanted to get paid on Upwork. I tapped on the Get Paid button and selected the via Direct To Local Bank option.

It may impress you to know that when we were saying $1 was ₦570 in Nigeria, Upwork did their exchange rates for ₦330. This was daylight scam.

You could imagine the disgust being in such country without value.

If the cbn exchanges for 412 and bank exchanges at highest 460,
How on earth is bdc exchanging for 580 and we are not taking concrete actions against this guys activities? See the gap differences for goodness sake, which kind repulsive profit be this??
So if association of bdc comes out tomorrow to exchange at 720 we would just look at them and blame the govt for poor economy policies as though we are the worst economy in the world, my brother the way price of things has tripped in the market. Every organization working with dollars should better checkmate it selves cos anything above this rate, am telling you the country would only have elites and poor people cos all the middle class citizens including civil servants would all be grounded. When things becomes this bad the elites would have no one to protect them anymore. People should better look further and not let love for quick cash that would never solve their problems make them sabotage the country.

na so

Who are we to blame now Abokifx,Ipob,bandits,Fulani terrorist herdsmen,Boko haram,iswap,bmc zombies,cbn gov or bubu?

Very funny country, and most of there top top leaders collect salaries in dollars Huh you can imagine

chatinent:
The other day I wanted to get paid on Upwork. I tapped on the Get Paid button and selected the via Direct To Local Bank option.

It may impress you to know that when we were saying $1 was ₦570 in Nigeria, Upwork did their exchange rates for ₦330. This was daylight scam.

You could imagine the disgust being in such country without value.

official exchange rate is 412. That 570 at parralel market is just a panic situation. No bdc is willing to buy at even 540 but would sharply sell at 570. Abokifx had a negative role too to this acts. Cbn should just try and make enough dollars available and maintain a stable exchange rate cos this bdc according to emefiele are abusing the privileged and don't seem to end it soon. It might shock you to know that they are the ones sponsoring media platforms to announce this rates so people would not grumble to accept.
That rate of 570 is not just it and the govt needs to take rigid actions..

jumper524:
official exchange rate is 412. That 570 at parralel market is just a panic situation. No bdc is willing to buy at even 540 but would sharply sell at 570. Abokifx had a negative role too to this acts. Cbn should just try and make enough dollars available and maintain a stable exchange rate cos this bdc according to emefiele are abusing the privileged and don't seem to end it soon. It might shock you to know that they are the ones sponsoring media platforms to announce this rates so people would not grumble to accept.
That rate of 570 is not just it and the govt needs to take rigid actions..

Honestly...