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Naira Further Depreciates, Exchanges for 473/$

The naira has further declined at the parallel market and Investors and Exporters forex window on Tuesday.

According to figures obtained from Bureau De Change operators, the naira is presently exchanged to the dollar for 473/$.

It had earlier gained in recent times towards the end of the year 2020 standing at 467/$.

At the I&E (investors and exporters) window, the naira fell by 0.17 per cent to close at 394/$ on Tuesday. It reached a low of 401 at the I&E window at the close of 2020.

The Central Bank of Nigeria is still however maintaining the official exchange rate at N379/$ on its website.

The Association of Bureaux De Change Operators of Nigeria recently appealed to the CBN to make BDCs payout agents for diaspora remittances.

ABCON President, Aminu Gwadabe, stated the apex bank should leverage the over 5,000 licensed BDCs across the country to get dollars seamlessly to beneficiaries.

Gwadabe explained this would help in providing a more convenient channel for Nigerians in the diaspora to remit funds back to the country to boost economic development.