Parallel Market Sustains Naira at ₦232 as BDCs Sales Decline

The Naira on Friday, sustained its traded value at ₦232 amidst complaints of decline in sales by operators of Bureau de Change (BDCs).

Meanwhile the official rate at the inter-bank window lost ₦0.02 to exchange at ₦197.

Traders at the parallel market told the News Agency of Nigeria that the market was still leveraging on the challenges faced by operators of BDCs to make extra money.

A BDC operator, who spoke on conditions of anonymity, said that the regulations of the apex bank was still having great toll on their operations.

He added that they still purchase forex from the Central Bank of Nigeria (CBN) on bi-weekly basis but were finding it difficult to sell.

myfinancialintelligence.com