- July 29, 2021
- Posted by: adminer
- Category: Finance
Following the stoppage of dollar allocation to Bureau De Change (BDC), the naira lost N17 to close at N522/$1 at the parallel market.
The almost 5,300 licensed Bureaux De Change (BDCs) have lost their weekly allocation from the Central Bank of Nigeria (CBN).
The local currency, which exchanges at N410.16/$1 at the official market, had closed Tuesday at N505/$1 on the parallel market.
A BDC trader in Ogba, Lagos, Hassan Ibrahim, said the rate depreciated from N505/$1 in the morning to N515/$1 in the at midday before closing at N522/$1 selling rate.
He said the BDCs buying rate closed at N515/$1 from N500/$1 traded on Tuesday.