The exchange rate would return to N423/$1—Bankers Committee

By Aanu Olaleye, Abuja

The Bankers Committee has assured Nigerians that the exchange rate will drop to around N423 to a dollar.

The Committee headed by Herbert Wigwe, Access Bank’s Chief Executive Officer addressed the media on Thursday following a directive to stop the sale of forex to Bureau De Change operators, by the Central Bank of Nigeria (CBN).

According to sources close to the Committee, the Chief Executive Officer of Guarantee Holdco (GTCo), Segun Agbaje in a quest to answer the question on the rapid deprecation of the naira seen in the market yesterday and today, said, “The rate will come down. Very soon, you will buy at N423 or N425 at most.”

There was support for the notion as the Access bank, CEO, Herbert Wigwe mentioned efforts made by the CBN to facilitate the transaction process of FX, saying that the CBN has sent out circulars asking banks to set up dedicated channels for all those requesting FX.

He urged Nigerians to start going to any bank branch and submitting their requests. “There will be no additional cost charged by the banks for offering these services,” he added.