Naira has launched a sustained recovery at the parallel market, gaining N25 since it fell to its lowest of N575 to a dollar on September 20, 2021, Daily Trust has found.
A survey at the Bureau De Change (BDC) market in Wuse Zone 4, Abuja at the weekend showed that the Naira exchanged for N540/$1.
The Central Bank of Nigeria (CBN) on July 27, suspended foreign exchange (forex) sales to BDC operators and directed all those with a genuine need for forex to revert to banks. The naira lost value at a whooping N85 to the dollar in less than two months from N490/$1 to N575/$1 on September 20.
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