Today’s FX Rate: Naira improves tremendously in Parallel Market

The Nigerian Naira improved tremendously in the parallel market today being Monday, September 20, 2021, dropping to N550 to a dollar, see more below.

 Reports show that the Nigeria’s local currency, Naira gained N20 on Monday morning, September 20, 2021, dropping to N550 per dollar from N570 it closed last Friday.

What has been said?

It was disclosed that the tremendous improving of the Naira in the parallel market today came after the Central Bank of Nigeria (CBN) accused abokiFX of being responsible for the gliding of naira against dollar at the parallel market.

It also known that AbokiFX is a website that reports movements and rates in the foreign exchange market since its inception in early 2014.

Quotes by the CBN Governor

The Governor of the apex bank in Nigeria was quoted below:

 “The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it,”.

 “I am sorry to say that I do not, and I do not intend to recognize any FX in the market.

“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it. “If you want to sell the dollar, go to your bank and sell it.”

He also said the apex bank had been investigating the abokiFX website and its owners in the last two years.

“We have been studying the activities of abokiFX in the last two years,” he added. “There was a time we asked our colleagues to call the abokiFX to ask how he conducts the rates.

“He is a Nigerian, living in England, we will track him, Mr Oniwinde, we will track you. “We cannot allow you to continue to kill our economy.”

Reacting to the allegations, AbokiFX temporarily suspended rates on all its platforms, amidst an investigation by the Central Bank of Nigeria (CBN).

AbokiFX Reports

The report of the suspension was disclosed in a social media statement by AbokiFX on Friday evening, it was quoted below:

“AbokiFX has taken the decision today, the 17th of September 2021, to temporarily suspend rate updates on all our platforms, until we get better clarity of the situation.

” Final rates have been posted this evening but the abokiFX news section and the crypto rates section will still be active,” they said.

However, after 3days (72 hours) after the clash between the CBN governor and AbokiFX, the Naira gained N20 today against the dollar selling at N550 per dollar from the N570 per dollar last Friday.

Interviews/Statements by some Bureau De Change (BDC) Operators

Some of the Bureau De Change (BDC) operators, who spoke on this issue this Monday morning when the Naira opened at N550 to the US dollar, had several reasons for the drop in dollar and gain in Naira. Some quotes by these operators are seen below:

“This morning, we are selling at N550 for now”, a BDC operator told our correspondent, adding that: “Before the day runs out, it might be higher or lower than this”.

Another BDC operator who also confirmed the dollar to naira exchange rate today to have opened at N550 per dollar said: “There is uncertainty in the air now because of this AbokiFX and CBN issue so many people are selling with fear that it might go back to the CBN official rate in the black market”.

Another BDC operator also said, “When we tell customers the amount we intend to buy, they always check AbokiFx but now they can’t confirm again, this has really affected the dollar rate this morning”.

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Author: Noblinks

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