Naira slumps to N885 per US$ despite EFCC’s raids on BDC hubs

Nigeria’s local currency, the Naira, has dropped to a new low of N885 per dollar at the parallel section of the foreign exchange (FX) market, otherwise known as the black market. The figure represents a depreciation of N70, or 8.6%, from the N815 it traded last week. Speaking yesterday, some Bureau-De-Change (BDC) operators said the US dollar demand has been swelling and putting pressure on the naira. They put the buying price of the dollar at N860 and the selling price at N885, leaving a N25 profit margin. A currency…

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Naira strengthens against dollar ahead of CBN FX sales to BDCs

The naira has strengthened at the parallel market to N448 against the dollar after the Central Bank of Nigeria (CBN) announced that it would resume dollar sales to bureau de change operators. Before the announcement, the naira had been trading as low as N480 against the dollar. Upon resumption, the apex bank said BDCs must not exchange the naira at more than N386/$ to end-users. The CBN said its decision to resume FX sales to BDCs is to enhance accessibility to forex “particularly to travellers” since the resumption date for…

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