Bureau de Change Operators Anticipate CBN’s Intervention Amid Naira Depreciation

For the second consecutive week, Bureau De Change (BDC) operators, eagerly await the intervention of the Central Bank of Nigeria to address the continued depreciation of the Naira.

According to FMDQ data, the Naira fell to N1520.40 against the US Dollar on Tuesday, down from N1478.11.

This signifies a depreciation of N42.29 against the Dollar in the official market when compared to the N1478.11 rate on Monday.

Similarly, in the parallel market, the Naira declined to N1520 per Dollar on Tuesday, a drop from N1500 the day before.

The data indicates a marginal difference of N0.40 between the official and parallel foreign exchange markets on Tuesday.

Addressing the situation, Mistila Dayyabu, a BDC operator at Wuse Zone 4, emphasized the urgency for the Central Bank to inject more FX into the retail market to stabilize the Naira fluctuations.

“The Naira’s value fell to N1,520 per Dollar from N1,500 on Monday. We are eagerly anticipating CBN’s additional FX intervention in the retail market,” he stated.

Between February and April 8, 2024, the Central Bank provided FX to BDCs on three occasions.

However, the depreciation of the Naira resumed in mid-April, resulting in a 28% drop against the Dollar during that period.

The post Bureau de Change Operators Anticipate CBN’s Intervention Amid Naira Depreciation appeared first on NewsNow Nigeria.

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