Naira plummets at parallel market as BDC operators suffer low patronage

The Naira on Monday continued to slide at the parallel market as operators of Bureau de Change suffered low patronage.
It exchanged for N232 to the dollar on Monday afternoon as against its previous value of N231.
However, it appreciated at the official interbank window as it exchanged for N196.98 to the dollar as against its previous value of N197.
Meanwhile, traders at the parallel market expressed joy that business was booming as buyers of forex invaded the market due to their inability to meet the tight conditions at the BDC’s
The News Agency of Nigeria reports that the directive of the apex bank to operators of BDC’s to demand the Bank Verification Number from their customers was stifling business for BDC operators.

Stanbic IBTC Pension Managers
Stanbic IBTC Pension Managers


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