The naira on Friday traded at all time low of N532 to dollar at the parallel market.
The naira also dropped among other major currencies as it exchanged at N621/Euro, N721/ British Pounds Sterling.
This is coming as the Central Bank of Nigeria (CBN) on Thursday, lifted Post No Debit (PND) order it placed on 33 Bureaux De Change (BDCs) for violating regulatory guidelines on foreign exchange transactions.
The apex bank had in a letter to all banks (BSD/DIR/PUB/LAB/14/064) dated September 2, 2021 and signed by Zacharia Markus, director, Banking Supervision by directed the banks to vacate ‘Post No Debit Order’ on the affected BDCs’ account.
The letter reads: Vacation of No Debit Order- All banks are hereby directed to vacate the Post-No-Debit order earlier placed at our instance on the under listed account”.
A Post-No-Debit (PND) is basically an instruction to banks not to allow any withdrawals or transfers from the bank account of account owners, essentially blocking the account from outflows. It is usually drastic a measure taken to allow for investigation and possible to reclaim any illegal inflow into an account.
The affected BDCs are Javic Bureau De Change, Epoch Bureau De Change, Seasons Bureau De Change, Catherine Bureau De Change, Elbanbino Flow Bureau De Change, First Currency Bureau De Change, Solutions Bureau De Change.
Others are Pamphino Bureau De Change, Xcom Etal Bureau De Change, Brookeside Bureau De Change, Freemind Bureau De Change, 3D Scanners Bureau De Change, Kenny Rich Bureau De Change, among others.
Many of the BDCs were placed on PND by the CBN on allegations of money laundering and terrorism financing, which the the affected BDCs had denied.
