Naira sunk to 523/1$ in black market

The naira has slumped further to 523/$ at the black market trading was closed at the Nigerian Stock Exchange on Wednesday, July 28.

The massive slumped came a day after the central Bank of Nigeria halt supply of foreign currency to Bureau de change across the country

The apex bank made the decision on Tuesday after Monetary Policy Committee meeting, the CBN Governor, Godwin Emefiele, had accused the BDCs of abusing the privilege given to them and sabotaging efforts to ensure naira stability in the country.

Throughout this meeting of the MPC, we extensively debated this matter, and independently with each member of the committee exhibited accurate and deep understanding of issue at stake.

“After these exhaustive and extensive deliberations, the management of the Central Bank with the support of the committee reached the following decisions which will take the following effect. Hence, the CBN will henceforth discontinue the sale of foreign exchange to BDC operators.”

As at Monday, one dollar went for 503, then it now fell to 505 on Tuesday, few hours after the CBN made the announcement. Then on Wednesday after trading, the dollar was bought at N515 and sold at N523 according to, the official website of the BDCs.

Prior to the new regulation, CBN had been supplying Bureau de Cahange traders $10,000 twice a week at the rate of N393. Its however, maintained official rate at N410/1$ on its website

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