The naira has once again dropped against the dollar at the parallel market on Tuesday, the naira reported to sell at N485 per dollar. The naira was also said to be traded at N410 per dollar at I&E forex window, the president of the bureaux de change (BDC) won't stand by and watch the currency business derailed by black marketers and who are not answerable to any authority. Market dealers on the other hand blamed the depreciation at the parallel market on speculators who caused artificial dollar scarcity within the market.
The CBN governor Godwin Emefiele also said that the 'naira 4 dollar' policy is meant to increase transparency and remittance inflows and also rent seeking activities. He also expressed optimism that the new policy which has been made would encourage all financial institutions and even banks to develop products and investments aimed towards attracting Nigerians investments in the diaspora.
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