Nigerian naira on Tuesday crashed to 410 per dollar at the parallel market, despite Central Bank of Nigeria, CBN’s efforts to close gap between the official and
black market rates. The currency closed flat at 490 against the Pound sterling but depreciated by N5 to close at 430 against the Euro. At the official market, the currency also depreciated by 0.02 to 306.10.
This development is coming as Bureau De Change operatos, BDCs, said they want the apex bank to increase their margin to N10 per dollar and also increase the volume of dollar allocations to to $50,000 per week.
The CBN last week resumed dollar sales to BDC operators, selling to them at N360 to the dollar while expecting them to sell to end users at N362 per dollar. The apex bank had sold $10,000 each to the BDC operators on Tuesday and also held a special intervention on Friday where it again sold $10,000 each to the BDC.
