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The Naira has since fallen by 19% in one month.
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The purpose of the CBN directive was to implement the January 31 deadline.
According to Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria (ABCON), the Central Bank of Nigeria’s (CBN) foreign exchange...
Forex traders said the fall is because of the sustained scarcity of the dollar.
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The Naira has since fallen by 19% in one month.
Contrastingly, the naira fell further against the US dollar on Wednesday morning.
This is according to data from the money and credit report of the CBN.
Naira depreciated by 0.07% against the US dollar on Tuesday to close at N415.1/$1.
Naira remained unchanged against the US dollar on Monday as it closed at N570/$1.
It amounted to N2.78tn and N2.83tn in February and January respectively.
MD of Gulkay integration services said the appreciation of the Naira is directly related to CBN’s intervention in the market.