CBN Gives Order To Access, UBA, Others on Dollar Sale to Customers As Naira Hits N1,600/$
By Naomisophyblog
The value of the Nigerian currency has crashed significantly in the black market and the peer-to-peer market This comes despite the efforts of the Central Bank of Nigeria (CBN) to bring stability to the foreign exchange (FX) market Once again, the CBN has issued new instructions to Nigerian banks regarding dollar payments for customers travelling for business or schooling.
The Nigerian currency continued its free fall against the US dollar in the unofficial markets on Thursday, February 5, 2025, and the situation is worsening despite the efforts of the Central Bank of Nigeria (CBN). Naira’s value continues to fall in forex markets as market survey showed that street traders are selling the dollar above N1,600 to willing customers ready to buy.
This is a significant fall when compared to Wednesday’s exchange rate of N1,564/$1.
The new exchange rate indicates that in less than 24 hours, the value of the naira has weakened against the green back by N36. The same trend is observed in the Peer-to-Peer market, another unofficial foreign exchange market mostly quoted by fintechs and crypto players.
As of the time of writing, the naira in the P2P market is exchanged at N1,613.1/$ compared to Wednesday’s closing rate of N1,585/$.
CBN makes another move on naira In seeming reaction to the dollar exchange rate in the black market, the CBN has instructed banks to stop paying customers’ personal and business travel allowances requests in cash. This was contained in a circular signed by Hassan Mahmud, director of the trade and exchange department.
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CBN will be hoping that Nigerians who source cheap dollars in the official market to sell in the black market at a higher rate will no longer have access.
