In a bid to stabilize the Nigerian naira, the Central Bank of Nigeria (CBN) has announced the sale of dollars to Bureau De Change (BDC) operators.
This move comes after the naira has been experiencing a significant decline in value at both the official and parallel markets, depreciating to approximately 1,670/$ on Friday.
According to a statement signed by the Acting Director of Trade and Exchange Department, Dr. W.J. Kanya, on Friday, the CBN aims to inject more liquidity into the market. “This is to inform the Bureau De Change Operators and the general public that we are providing more liquidity into the market,” the circular read.
