Despite the Central Bank of Nigeria’s recent additional release of $10,000 to Bureau De change operators, the Naira has declined in value against the US dollar at the foreign exchange market.
According to FMDQ data, the Naira recorded another drop to N1308.52 per Dollar on Wednesday compared to N1,300.15 exchanged on Tuesday.
Theliberationnews observed that in the parallel market section, the Naira was sold at between N1,250 and N1,300 on Wednesday from N1230 on Tuesday.
The development comes despite the Central Bank of Nigeria releasing 10,000 dollars each to BDC at N1,021 to a dollar with a caveat to sell at most 1.5 per cent above the bought price.
This is the third recent intervention for BDCs amid the apex bank’s effort to defend the Naira.
However, despite the FX rate record, the official window rate still surpassed the parallel market by N8.52.
Meanwhile, on Wednesday, the National President of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, blamed peer-to-peer cryptocurrency platforms like Binance for the recent depreciation of the Naira against the Dollar in the foreign exchange market.
