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(CBN) refuted declining sale of foreign exchange to customers

Gwadabe, who is also the President, Association of Bureau De Change Operators of Nigeria (ABCON), said recent depreciation of naira could be traced to speculators’ onslaught and resistance by the banking industry.
A financial expert, Alhaji Aminu Gwadabe, has blamed the Central Bank’s knack for last minute solution for the misfortune of the naira at the foreign exchange market.
Speaking during a chat with reporters, the dealer noted that refusal by some banks to sell the invisibles, such as, personal and business travel allowances frustrated naira recovery.
“The naira,” he remarked, “started trading on Monday with a promising outlook for sustained strength against the dollar and other currencies, but it began to somersault at the middle of the week; ending deeper northward to close at N394 to a dollar on Friday, translating to 10 per cent depreciation of what was recorded during the week.’’Gwadabe aded that removal of disparity in applicable exchange rates among the BDCs, Travelex and the banks, should have strengthened the nation’s currency, stressing that the battle for the soul of the naira would be won if the CBN could boost liquidity to the BDCs for effective unification of rates.

As it stated in

CBN reduces dollar rate to N360 ▷ Nigeria News

CBN dollar rate

In addition, a new foreign exchange rate will be announced on that day.
This means that the ongoing exchange rate gains at the parallel market through the forex interventions may soon be lost going by indications.
They also said the higher exchange rate offered by Western Union and Moneygram to beneficiaries of remittances is denying the market of dollar supply.
The naira held its level at 306.35 to the dollar after the central bank sold $1.5m on the spot market.
The slash came 24 hours after the CBN directive to banks in the country to sell foreign exchange obtained from it to end-users at not more than N360 to a dollar for invisibles such as school fees and medicals.

As it stated in

CBN refutes alleged short supply claims by banks — News — Breaking News, Nigeria News and World News 

CBN bank

This means that the ongoing exchange rate gains at the parallel market through the forex interventions may soon be lost going by indications.
Urges Customers To Report Such Lenders The Central bank of Nigeria (CBN) has refuted insinuations by some banks, which are declining sale of foreign exchange (forex) to customers on the claims of inadequate supply.
“Furthermore, no customer should accept to buy forex from any bank at more than the currently prescribed rate of N360/$,” he added.
It had on Monday, further liberalised the retail segment of the foreign exchange market to N360/$ after five weeks when it first adjusted the rate to between N366/$ and N375/$.
“All banks have more than enough stock of forex in their possession for the purpose of meeting genuine customers’ demand for BTA, PTA, tuition and medical fees.

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