Value of Naira nose-dives as CBN withdraws allocation to BDC

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.

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