The Naira resumed its fall today, exchanging at N905 to a dollar at the parallel segment of Nigeria’s foreign exchange (FX) market.
This newest dip by the local currency against the greenback comes amid demand pressure against supply, despite the announcement of operational mechanism for Bureau De Change (BDC) Operations in Nigeria by the Central Bank of Nigeria (CBN).
READ ALSO: New Tax Laws Will Protect Poor People, Small Businesses
Parallel market FX dealers today are buying dollar at N895 while selling at N905, according to data by AbokiFX, an online platform that tracks the exchange rate on the parallel market. Before now, the naira at the parallel market remained flat at N900/$ while at the I&E window it dipped to N773.42/$.
The CBN recently said among others that the spread on buying and selling by BDC Operators shall be within an allowable limit of -2.5percent to +2.5 percent of the Nigerian foreign exchange market window weighted average rate of the previous day.
Leave feedback about this
You must be logged in to post a comment.