The value of the Nigerian currency has appreciated by over N200 against the US dollar in the past few days, with an expert explaining why this is the case.
There is mounting pressure on the Central Bank of Nigeria as the naira crashes to near N1,600 against US dollar in the official foreign exchange.
Bureau de Change (BDC) operators have disclosed that that they were not part of the latest foreign exchange interventions by the Central Bank of Nigeria (CBN).
The Corporate Affairs Commission (CAC)said it is ready to revoke the certificates of over 4,000 BDC operators following the Central Bank of Nigeria's directive.
The Association of Bureau De Change Operators of Nigeria (ABCON) has demanded that the CBN review its decision to slam a new capital requirements for BDCs.
The Central Bank of Nigeria has reportedly begun testing its reform templates by ending forex sales to Bureau de Change operators to boost liquidity in the market.
Nigerian currency, the naira, has dropped in value against the United States dollar, pound, euro in both the official and unofficial foreign exchange markets.
The Association of Bureau de Change Operators of Nigeria (ABCON) has announced plans to set up a unified foreign exchange market system to boost naira's performance.
The Association of Bureau de Change Operators of Nigeria (ABCON) has explained the role of currency dealers in the dollar crash against the naira.
Aminu Gwadabe
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