Exchange Rate Will Fall To 423/$1 – Bank CEOs

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The Bankers Committee which is headed by the Chief Executive Officer of Access Bank, Herbert Wigwe, has revealed its hopes for the naira in the face of the dollar. The committee has assured Nigerians that the exchange rate of the Naira to the dollar will drop to around N423 to a dollar. 

 The committee, which has several bank CEOs in its ranks stated this on Thursday whilst speaking to the Nigerian press, shortly after a meeting which took place in Abuja, between the Group and the Central Bank of Nigeria barely 48 hours after the Apex bank discontinued sales of forex to Bureau De Change operators, as noted by Daily Trust. 

The rising number and continuous fears in the hearts of many have raised several questions, some of which have to do with the sharp spike which saw the Naira hitting N523 to the dollar, the Chief Executive Officer of Guarantee Trust Holding, Segun Agbaje, responded to these fears by stating that: “What we saw in the market yesterday and today is an aberration.

The Chief Executive officer of the GT Bank as it is popularly called added that “The rate will come down. Very soon, you will buy at N423 or N425 at most."

He added that it will be advisable and quite easy now, for people to start walking into any bank of their choice, to initiate their requests. 

While the CEO of GTB spoke about the expected fall, Wigwe, the head of the group stated that the Central Bank of Nigeria had already 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.

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