Naira hits N710 per dollar

According to data from Aboki Forex, the national currency, which on Monday was trading for N670 against the dollar, has dropped even more since then, dropping 6.7 percent in just two days as of Friday afternoon.

The Central Bank of Nigeria (CBN) banned the sale of foreign currency to bureau de change operators a year prior to today’s record decline.

Due to their unauthorized sales of foreign exchange above the market they were authorized to serve, the BDC operators’ purchase of foreign currency had previously been prohibited by the apex bank.

BDC operators were a significant part of the black market before the ban, helping people who couldn’t legally access foreign currencies directly from the CBN to maintain their exchange rates.

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