The Nigerian naira experienced a decline against the US dollar at the parallel market, reaching 900/dollar, a drop from its previous position of 960/dollar just two weeks earlier.
This decline comes amid a renewed shortage of the greenback in the black market. The naira had shown recent gains but returned to a downward trend due to the scarcity of the dollar.
The naira also faced a decline on the Investor and exporter window, falling to 773.42/$ from 757.10/$ on the previous day. Bureau De Change (BDC) operators reported selling the dollar between 895/dollar and 905/dollar, with the Central Bank of Nigeria threatening to revoke operating licenses of BDCs that breach its rules.
In response to the ongoing currency issues, the Central Bank of Nigeria recently issued a directive to BDCs, setting operational mechanisms to ensure trading foreign currencies at a rate comparable to the Investor and exporter forex window. The bank emphasized adherence to allowable exchange rate margins and mandatory reporting requirements
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