Fidelity bank banner Bayelsa State banner
CBN’s failure to inform BDCs of stoppage of forex sale weakens Naira

By News Express on 13/01/2016

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,897

The naira on Tuesday depreciated by 2.51 per cent to exchange at N285 to the dollar at the Bureau De Change (BDCs) segment of the foreign exchange market.

The naira was traded to the dollar at N278 on Monday January 11

A currency trader, Mr Harrison Owoh, said the further depreciation of the Naira was as a result of the Central Bank Nigeria (CBN’s) announcement to stop the sale of foreign exchange to BDCs.

Owoh, the Managing Director of HJ Trust Investment Ltd., said that CBN was yet to issue circular informing BDCs on the latest development, adding that they got the information from the pages of newspapers.

According to him, by CBN allowing dollar deposits into domiciliary accounts by Nigerians means the banks would now have more foreign exchange at their disposal.

He said that the announcement that the BDCs should source for foreign exchange from the autonomous market needed to be defined by the CBN.

This, he said, would enable them to know whether BDCs would now have access to banks to source for foreign exchange.

Owoh said that the naira started falling when the CBN banned banks from selling to BDCs.

“The recent development means there will mass retrenchment in the industry.

“The CBN needs to define the autonomous market because we still need more clarification on this.”

Owoh said that there was the tendency for the naira to continue to fall as the announcement had already resulted into scarcity of dollar in the market.

He said there had been clamour in some quarters that the naira be further devalued, adding that this could adversely affect the market.

The managing director said that he was optimistic that the policy would be reversed soon by the CBN. (NAN)

•Photo shows CBN Headquarters.

Source News Express

Posted 13/01/2016 05:24:25 AM


Share on facebook Yahoo mail icon Gmail icon Share on Google+




You may also like...
HURIWA tasks National Assembly on secret cults

International Glass Industry bounces back, recruits 500 workers...

Missing link in PR Measurement, By Austin Ayaosi...

80 C'wealth, AU elections observers arrive Nigeria

Okowa tasks elder statesmen to always contribute to...

PSN to partner with cancer centre to honour...

Whistle blowers pocket N375m

Obaseki inaugurates 12 Permanent Secretaries, says no room...

2,353 declared missing as a result of Boko...

NLC condemns coup attempt in Turkey

Pope berates bishops over use of phones during...

Tackling security challenges in South-East: An insider’s account...


Latest News Osun Election: Controversy as INEC official says his boss ordered him to destroy authentic poll result Double Tragedy: Ras Kimono’s wife dies three weeks after his burial Kogi LG workers now to receive 54 pct of salary Water projects: Minister pleads with court for more time to render account PDP screens 30 governorship aspirants in North East Anti-Corruption War: Strike weakens CCB, CCT Gunshot at Osun INEC office Flood overruns more Delta riverine communities, victims sleep in canoes PDP is party to beat in 2018, says Makarfi Aisha Buhari to address UN meeting on Tuberculosis Osun: INEC has shown its readiness for 2019 — Group Plateau SSG, commissioner resign to contest 2019 elections


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (396,513 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (376,758 views) Shameless Genevieve Nnaji exposes breasts in public (308,521 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (250,610 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (232,327 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (221,636 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (200,080 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (181,665 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (165,730 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (163,388 views) Lagos plane crash: Journalist releases victims’ names (158,165 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (146,911 views)


Categories Advertorials (3) African Press Organisation (81) Art & Literature (63) Business & Economy (3,623) Business Verdict (52) Columnists (933) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (547) Features (652) Global Business Monitor (301) International (2,427) Interview (165) Live Commentary (28) Love Matters (144) News (39,082) Opinion (1,110) Pidgin (11) Politics (6,711) Religion (872) Sports (1,701) Stock Watch (34) AMA & Al Jazeera Global Update


CBN banner

Firstmobile banner




I am Imo State's New Governor -- Okorocha's son-in-law Uche Nwosu...


APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera