The naira collapses again and is trading at 504 / $ on the parallel market

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

It had previously traded in dollars at 500 the previous week and at 490 N a month earlier.

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

In May, the CBN adopted the NAFEX Investor & Exporter exchange rate of N 410.25 as the official exchange rate against the dollar.

It should be remembered that in April 2017, the CBN set up the forex I&E window as part of the efforts to deepen the forex market and take over all foreign exchange obligations.

The objective of this window was to increase liquidity in the foreign exchange market and to ensure the timely execution and settlement of eligible transactions.

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

This followed a warning from CBN Governor Godwin Emefiele to depository banks to refrain from denying customers the ability to purchase currency.

The forex access goals included personal travel allowance, basic travel allowance, tuition and medical payments as well as small and medium business transactions or repatriation of foreign direct investment income, the CBN said.

Under the new exemption, Nigerians traveling abroad could access a maximum amount of $ 4,000 in foreign currency from banks, while those traveling on business could also access a maximum amount of $ 5. $ 000 for each trip.

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