The naira, which was trading at between 241 and 243 against the greenback about three weeks ago, began a steady fall after the Central Bank of Nigeria stopped sale of foreign exchange to a number of Bureaux De Change Operators due to improper documentation.
Analysts said the development would lead to inflation and affect the profitability of businesses.
The currency had tumbled to 269 against the United States dollar at the parallel market on
Wednesday as the Central Bank of Nigeria
commenced rationing the greenback to Bureaux De Change operators in its weekly foreign exchange sale.
Wednesday as the Central Bank of Nigeria
commenced rationing the greenback to Bureaux De Change operators in its weekly foreign exchange sale.
The dollar was sold for 260 at the parallel market on Tuesday.
The central bank cut the amount it sold to each of the 2,270 BDC operators that participated in Wednesday’s sale to $10,000, down from the $30,000 sold to the operators last Wednesday, the acting President, Association of Bureaux de Change Operators, Aminu Gwadabe, said.
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