During Friday’s parallel market, the Pound Sterling was trading at 780 to the naira. The naira to the dollar was purchased and sold between 575 and 580, according to Bureau de Change operators who spoke to our correspondent, while the Pound Sterling was bought and sold at 775 and 780. The naira hit a high of 415.20 before closing at 414.90 in the I&E exchange window.
The official website of the Central Bank of Nigeria’s licensed Bureau De Change operators, www.naijabdcs.com, which used to publish naira-to-other-currency exchange rates, has stopped publishing rates.
This followed AbokiFX’s suspension of foreign exchange publication after the CBN threatened to take action against the website, its owner, and its users.
Despite efforts by the regulatory authority to avert the currency crisis, the naira has lost more than 40 per cent of its value against the dollar in less than two months.
“ABCON is working with its experts to remodel the naijabdcs.com to MyBdc.com,” the Association of Bureaux De Change Operators of Nigeria announced earlier this year during a webinar held in collaboration with the CBN and other financial regulatory organizations.
Recall that ABCON launched www.naijabdcs.com in 2018 to give data on various rates, as well as the names, contacts, and locations of CBN certified BDCs and other digital FX services.
Since then, the website has provided the public with parallel market prices in the same way that abokiFX did. However, with the suspension of abokiFX’s exchange rate publication, the BDCs’ website no longer publishes daily rates.
Godwin Emefiele, the Governor of the Central Bank of Nigeria, had taken a hard line against abokiFX, accusing the website and its owner of manipulating the currency to destroy the economy.
Emefiele said, “Our preliminary findings show that his website is being used for foreign exchange manipulation and speculation.
“They get naira notes, use it to purchase dollars, take a position, change the rate over a given period, sell the dollars they purchase and make a profit. This is completely illegal, it is unacceptable and we will pursue them”.