Naira now trades at N325/dollar on the parallel market

The Nigerian currency on Thursday morning appreciated further against the dollar as bureau de change (BDC) operators run into further hiding. NAIJ.com facts check revealed that the naira now trades for N325/dollar on the parallel market while more buyers are preferring the Central Bank of Nigeria (CBN) designated banks, centres. This is against the N335 that it sold for on Wednesday, another N5 further down from the amount black market buyers traded on Tuesday.
This new change is coming just days after the CBN began the implementation of its new foreign exchange policy which ensured that the naira is floated and an operation of a single-market system for the exchange. While many of the BDC operators have been boxed into a corner following the new trend, several others still boast of trading prowess, despite the fact that they have had to struggle with getting people to trade with. Speaking with our correspondent on Thursday afternoon, a BDC operator in Lagos confirmed that, “many of our guys will struggle this period. I don’t think there’s a possibility that the BDCs would be scrapped, it’s just that less people will be able to afford what the new system is bringing on board. “For me, really, my loyal customers still come here. But those random guys would rather do the banks now since it’s a lot easier for them to get the dollar, and at a very cheap rate.”

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