By Our Reporter
The naira strengthened against the dollar at the parallel market on Monday as deposit money banks, in compliance with the Central Bank of Nigeria, CBN’s, directive, set up foreign exchange teller points for customers.
The naira gained N113 against the dollar at the parallel market from the N525/$1, over the weekend to N412/$1.
It will be recalled that the Naira had last week plunged to an all-time high of 525 against the dollar at the parallel market following the announcement by the apex bank to stop the supply of foreign exchange to Bureau de Change by the CBN.
The CBN Governor, Mr Godwin Emefiele, had earlier at the end of the Monetary Policy Committee meeting, announced the stoppage of forex sale to the BDCs, saying they had turned themselves into “agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria”.
He said the CBN would channel a significant portion of its weekly allocation currently meant for BDCs to commercial banks to meet legitimate forex demand for ordinary Nigerians and businesses.
In response to the CBN’s directives, some banks had set up forex teller points for customers. Some of such banks are: Guarranty Trust Bank, Fidelity Bank, Zenith Bank, Keystone Bank, and some other commercial banks in Abuja to mention a few
News Agency of Nigeria reports that at some of these banks a dollar was being sold for N412.
At some of the banks, officials disclosed that each traveller was entitled to buy $4,000 per quarter for personal travels and $5,000 per quarter for business travels.