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Exchange rate will fall to N423/1$, Bank CEOs assures Nigerians

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

The Committee of Banks Chief Executive Officer headed by the CEO of Access Bank, Herbert Wigwe has assured that the exchange rate will drop to around N423 to a dollar.

The Committee of Bank CEOs addressed the media on Thursday following the halt in the sales of forex to Bureau De Change operators by the directive of the Central Bank of Nigeria (CBN).

Addressing the question on the sharp spike which saw the dollar hit N523, the Chief Executive Officer of Guarantee Holding (GTCo), Segun Agbaje said: “What we saw in the market yesterday and today is an aberration.

“The rate will come down. Very soon, you will buy at N423 or N425 at most. ”

He said people can start working into any bank branch to initiate their request.

Wigwe said the CBN has sent out circulars asking Banks to set up dedicated channels for all those requesting invisible.

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

Details later…

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