See How Naira Weakens Against Dollar Following New CBN Guidelines for BDCs
See How Naira Weakens Against Dollar Following New CBN Guidelines for BDCs
The Naira depreciated against the Dollar for the first time since last Thursday, amid new guidelines issued by the Central Bank of Nigeria (CBN) to Bureaux De Change (BDC) operators.
According to FMDQ data, the Naira traded at N1485.66 per Dollar on Thursday, down from N1462.59 on Wednesday, marking a loss of N23.07. In the parallel market, the Naira also weakened, trading at N1460 per Dollar on Thursday compared to N1450 the previous day.
This depreciation is the first significant decline since the Naira dropped by N73 against the Dollar a week ago. The latest movement in the exchange rate occurred less than 24 hours after the CBN required BDC operators to reapply for lic
enses.
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