Naira Slumps Further Against the Dollar.

The naira exchanged to the dollar at N504 at the parallel market on Friday, according to the Bureau de Change operators.

It had earlier exchanged to the dollar at 500 in the previous week and at N490 a month earlier.

According to naijabdcs.com, the Central Bank of Nigeria’s official rate for the BDCs, the dollar was bought and sold at the rate of N503 and N504 as, at Friday evening.

See also World Bank blames CBN for Nigeria’s FX Woes.

The CBN in May adopted the NAFEX Investor & Exporter forex window rate of N410.25 as its official exchange rate to the dollar.

It would be recalled that in April 2017, the CBN established the I&E forex window as part of efforts to deepen the foreign exchange market and accommodate all forex obligations.

The purpose of the window was to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions.

The CBN had also disclosed that it was increasing the amount of foreign exchange allocated to banks to meet legitimate needs.

This followed the admonition by the CBN Governor, Mr Godwin Emefiele, to Deposit Money Banks to stop from denying clients the chance to buy foreign exchange.

The reasons to get to forex included Personal Travel Allowance, Basic Travel Allowance, educational expenses, and clinical installments just as Small and Medium Enterprises exchanges or for the bringing home of Foreign Direct Investment continues, the CBN had expressed.

Under the new administration, Nigerians voyaging abroad could get to a most extreme measure of $4,000 unfamiliar trade from the banks, while those going on excursions for work could likewise get to a greatest measure of $5,000 for each outing.