Naira has traded between 540 – 450 to $1 on Thursday at the parallel market in Lagos, marking its lowest depreciation in 48 years.
Traders said the US dollar was going for N530 earlier on Thursday before jerking up N540 to a dollar.
The British pound traded at N740 in Lagos.
The Central Bank of Nigeria (CBN) however, argued that the parallel market is not a true reflection of the real value of the naira.
In July, CBN announced that it would no longer sell forex to BDC traders.
21st CENTURY CHRONICLE reports that hours after the CBN stopped the sale of foreign exchange to BDCs operators in the country, naira has fallen to N522 to a dollar at the parallel market.
CBN Governor Godwin Emefiele said soon after the July 2021 Monetary Policy Committee (MPC) meeting in Abuja that the apex bank was channeling $5.7 billion (about N2.346 trillion) annually through the BDCs.
Emefiele, who accused the BDC operators of money laundering, said the $5.7 billion allocated to BDCs has become unsustainable as $20,000 each is allocated to over 5,500 BDCs in the country, amounting to $110 million every week.
Earlier in August, commercial banks in the Federal Capital Territory (FCT) have set up teller points for foreign exchange (FX) transactions in their branches in compliance with the new regulation by the CBN.
This follows earlier messages sent by the banks to their customers informing them of the latest development and documents required for the FX transactions.
