The value of Naira reversed the trend of increase at the parallel segment of the foreign currency market on Friday.
The value of the local money depreciated to N1,600 per dollar, or N100, or 6.67 percent decline.
Bureau de change (BDC) operators, currency dealers, quoted the buying rate at N1,550 and the selling price at N1,600, resulting in a N50 profit margin.
The naira gained 2.94 percent against the dollar at the nation’s official window on Friday, trading at N1,548.25 against the greenback as opposed to N1,595/$ on Thursday.
It could be recalled that 4,173 BDC operators had their licenses terminated by the Central Bank of Nigeria (CBN) on Friday due to their noncompliance with regulatory requirements.
The regulatory and supervisory requirements pertaining to BDC operations in Nigeria are being revised, as stated by the apex bank.
The move coincides with CBN’s attempts to get the naira’s exchange rate set by the market at a suitable level. [CONTINUE READING HERE]
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