L
LequteMan
Guest
The Nigerian Naira on Monday continued depreciating against the dollar at the parallel market, exchanging at N265 per dollar.
The naira fell 2.71 percent to the dollar, at the Bureau De Change (BDC) segment of the foreign exchange market, BusinessDay reports.
The fall is due to a supply shortage as the Central Bank of Nigeria is clamping down on what it regards as unwholesome practices in the sector.
Reports say the apex bank has denied over 60 percent or over 1,600 BDC operators access to its monthly dollar supply. The CBN has also asked BDCs to stop operating numerous branches nationwide.
The naira fell 2.71 percent to the dollar, at the Bureau De Change (BDC) segment of the foreign exchange market, BusinessDay reports.
The fall is due to a supply shortage as the Central Bank of Nigeria is clamping down on what it regards as unwholesome practices in the sector.
Reports say the apex bank has denied over 60 percent or over 1,600 BDC operators access to its monthly dollar supply. The CBN has also asked BDCs to stop operating numerous branches nationwide.
