The Nigerian naira fell to ₦1,590 per US dollar in the parallel market on Friday, due to a shortage of dollars.
Bureau De Change operators say they are not receiving enough dollars from commercial banks, despite the Central Bank of Nigeria’s directive to improve forex supply.
The CBN had initially allowed BDC operators to buy forex from authorized dealers, capping weekly purchases at $25,000.09.
However, BDC operators report that banks are not supplying enough dollars, contributing to the naira’s depreciation.
In the official Nigerian Foreign Exchange Market, the naira depreciated by 0.6% (₦9.13) on Thursday, closing at ₦1,547.81 per dollar compared to ₦1,538.68 the previous day, according to CBN data.
The president of the Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe,
said BDCs face challenges such as limited dollar availability, unfavorable rates, few participating banks, low margins, and business uncertainties.
He noted that these factors have eroded confidence in the forex supply framework, fueling currency substitution and speculation, ultimately weakening the naira.
