One Dollar Now Exchanged At 523 Naira In Black Market

Godwin Emiefele

After trading was closed at the Nigerian Stock Exchange on Wednesday, July 28, One Dollar Now Exchanged At 523 Naira In Black Market.

The new exchange rate comes a day after the Central Bank of Nigeria halted the granting of foreign exchange to Bureau de Change operators in the country. 

According to the CBN Governor, Godwin Emiefele after the Monetary Policy Committee meeting on Tuesday;

“The facts abound that BDCs have turned themselves into agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria and we will go after all of them.


“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.”

According to to naijabdcs.com, the official website of the BDCs, on Monday, one dollar was exchanged at N503, while by the next day, Tuesday, it was exchanged at N505.

However, by Wednesday, dollar was bought at N515 and sold at N523 .

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