The Naira’s value against the Dollar declined by N17, exchanging for N522/$1 at the parallel market, a day after the Central Bank of Nigeria (CBN) stopped dollar allocation to 5,300 licensed Bureaux De Change (BDCs).
The local currency, which exchanges at N410.16/$1 at the official market, had closed Tuesday at N505/$1 on the parallel market.
The Nation reports that the Naira exchanged for N505/$1 in the morning to N515/$1 in the at midday before closing at N522/$1 selling rate.
The Naira’s latest fall is attributed to the recent scramble for the Dollar by manufacturers and foreign exchange end-users to meet their business and personal needs.
Forex users preference for BDCs over banks have been linked to tedious documentation process and different levels of approvals required to purchase dollars from banks, which are usually not met at short notice.
The BDCs are licensed by the CBN to sale foreign exchange to end users and comply with anti-money laundering regulations.
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