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Foreign exchange

Soon Dollar Value Will Crash Against Naira- Trust CEO, Segun Agbaje

The Bankers Committee met on Thursday after the Central Bank of Nigeria banned Bureau de change operators from receiving forex. One of the members of the Bankers Committee, Segun Agbaje, the chief executive officer of Guaranty Trust Bank Company said naira will rise against the dollar. Meanwhile, the dollar financial regulator has directed lenders to make foreign exchange offices available at their locations to meet forex demands. Apparently, the rate of dollar to naira is expected to drop by 194% according to the Bankers Committee headed by Access Bank's Chief Executive Officer, Herbert Wigwe, the committee of the banking industry had met together following the Central Bank of Nigeria(CBN)'s decisions to ban forex sales to bureau de change operators. In a twist of the event on Thursday, the CBN governor, Godwin emefiele had announced the directive, with a circular stating that the licensing process of BDC operation still pending will be stopped. Following the meeting that was held on Thursday, the chief executive officer of Guaranty Trust Holding Company, Segun Agbaje, stated that $1 will soon go for 423 or 425 Naira. Currently $1 exchange for above 500 Naira, but Agbaje's projection shows that naira will soon grow against the dollar after consistent depreciation post-ban of the greenback sales to BDC operators. Wigwe also stated that the CBN head had directed commercial banks to set up dedicated channels for foreign exchange requests in all their branches.

Content created and supplied by: Ezeanyakingsley (via Opera News )

Bankers Committee CBN Guaranty Trust Bank Company Herbert Wigwe Segun Agbaje


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