The Nigerian naira has fallen by 6.7% in two days, trading for N710 against the U.S. dollar on Aboki Forex. This record fall comes a year after the Central Bank of Nigeria (CBN) prohibited the sale of foreign currency to bureau de change operators (BDC) due to their unauthorized sales above their authorized market. The suspension of BDC operators' ability to source foreign exchange from the CBN could impact the country's economy by mounting further pressure on the national currency. The apex bank threatened to arrest and prosecute Nigerians using naira to buy dollars last week, but has been criticised for failing to initiate policies to stabilize the country's currency value in the forex market.
Index to Nigerian Newspapers
