Dollar value will soon crash against naira, Guaranty Trust CEO, Segun Agbaje says

Dollar value will soon crash against naira, Guaranty Trust CEO, Segun Agbaje says

  • 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
  • The financial regulator has directed lenders to make foreign exchange office available at their locations to meet forex demands

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The rate of dollar to naira is expected to drop by 19.4% according to the Bankers Committee headed by Access Bank’s Chief Executive Officer, Herbert Wigwe.

The committee of the banking industry had met following the Central Bank of Nigeria (CBN)'s decision to ban forex sales to bureau de change operators.

In a twist of event on Tuesday, the CBN governor, Godwin Emefiele, had announced the directive, with a circular stating that license process of BDC operators still pending will be stopped.

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Dollar value will soon crash against naira, Guaranty Trust CEO, Segun Agbaje says
Segun Agbaje, the Chief Executive Officer of Guaranty Trust Holding Company. Photo: GTBank
Source: Facebook

What the bank committee said after meeting

Following the meeting that held on Thursday, the Chief Executive Officer of Guaranty Trust Holding Company, Segun Agbaje, stated that one dollar will soon go for N423 or N425.

Currently, $1 exchanges for above N500, but Agbaje's projection shows that naira will soon grow against the dollar after consistent depreciation post-ban of greenback sales to BDC operators.

Wigwe also stated that the CBN head had directed commercial banks to set up dedicated channels for foreign exchange request in all their branches.

According to the Access Bank boss, customers won't be charged extra for the service:

”There will be no additional cost charged by the banks for offering these services."

CBN says it will refund bureau de operators money

The CBN has informed the bureau de change promoters who still have pending applications should come for refund of capital paid to the apex bank.

Read also

Bureau de change President, Aminu Gwadabe, says CBN forex ban won't stop them from selling dollars

The financial regulator said it will return the capital deposit of N35 million which each promoters paid, and also the N1 million license fee.

According to the governor of the CBN, Godwin Emefiele, the regulator wants nothing to do with the BDC operators, and banks, companies and embassies have been told not to patronise them.

Source: Legit

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