Dollar to collapse against naira soon, says Segun Agbaje, CEO of Guaranty Trust


  • The Bankers Committee met on Thursday after the Central Bank of Nigeria banned Bureau de Change operators from receiving foreign currency
  • One of the members of the bankers committee, Segun Agbaje, CEO of Guaranty Trust Bank Company, said the naira would rise against the dollar.
  • The financial regulator has asked lenders to provide a bureau de change on their sites to respond to foreign exchange requests

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The dollar rate against the naira is expected to fall by 19.4% according to the committee of bankers headed by Access Bank chief executive Herbert Wigwe.

The Banking Industry Committee met following the The decision of the Central Bank of Nigeria (CBN) to ban foreign exchange sales to currency exchange operators.

On Tuesday, CBN Governor Godwin Emefiele announced the directive, with a circular stating that the still pending BDC operator license process would be halted.

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Dollar to collapse against naira soon, says Segun Agbaje, CEO of Guaranty Trust
Segun Agbaje, CEO of Guaranty Trust Holding Company. Photo: GTBank
Source: Facebook

What the banking committee said after the meeting

Following the meeting on Thursday, Guaranty Trust Holding Company CEO Segun Agbaje said a dollar will go soon for N423 or N425.

Currently, $ 1 exchange for more than N500, but Agbaje’s projection shows that the naira will soon rise against the dollar after steadily depreciating after sales of greenbacks to BDC operators were banned.

Wigwe also said that the head of the CBN has ordered commercial banks to set up dedicated channels for foreign exchange requests at all of their branches.

According to the boss of Access Bank, customers will not be charged more for the service:

“There will be no additional cost charged by the banks for providing these services. “

CBN says it will refund money from operators office

The CBN informed the promoters of the bureau de change who still have pending applications should come for repayment of the paid-up capital to the umbrella bank.

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Currency Exchange Chairman Aminu Gwadabe Says CBN Forex Ban Won’t Stop Them From Selling Dollars

The financial regulator said it would reimburse the N35 million capital deposit each developer paid, as well as the N1 million license fee.

According to CBN Governor Godwin Emefiele, the regulator wants nothing to do with BDC operators, and banks, businesses and embassies have been ordered not to patronize them.

Source: Legit

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