Korede Demola-Adeniyi, Head, Consumer Banking, Ecobank Nigeria, who announced this in Lagos, stated that the decision was in line with the CBN’s directive and fully aligns with efforts to encourage the inflow of diaspora remittances into the country.
Dr. O.S. Nnaji, Director Trade and Exchange Department of CBN, said in a circular on Friday that the action contravened the apex bank’s directive that all remittances be paid to beneficiaries in dollars.
The Naira traded at N441 to the dollar on Tuesday, losing N6 from N435 recorded on Monday at the parallel market in Lagos.
The Association of Bureau De change Operators of Nigeria on Tuesday in Lagos advised Nigerians not to buy dollars for storage to avoid selling at a loss.
However, the Director of Media and Publicity of the PDPPCO, Chief Femi Fani-Kayode, in a swift reaction, dismissed the allegation, stating rather that the APC leaders should get ready to face the full wrath of the law if they violated any law
Prices were also supported after the Secretary-General of the Organization of the Petroleum Exporting Countries, Abdullah al-Badri, said oil prices may have bottomed out