Insufficient Forex Allocation Blamed For Naira Depreciation, Says BDC Official - Business - Nairaland
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| Insufficient Forex Allocation Blamed For Naira Depreciation, Says BDC Official by Mateco556: 11:27am On May 15 |
A senior official from the Association of Bureau De Change Operators of Nigeria (ABCON) has pointed to insufficient dollar allocations from the Central Bank of Nigeria (CBN) as the primary cause of the recent depreciation of the naira. The naira recently hit a new low of N1,520.4 against the dollar, marking the weakest point since March 20. Market volatility is evident, with a 41% drop in daily turnover indicating tighter liquidity conditions. Contrary to some reports blaming Bureau De Change (BDC) operators for the naira’s depreciation, the ABCON official, who wished to remain anonymous, asserted that the... https://ratecaptain.com/insufficient-forex-allocation-blamed-for-naira-depreciation-says-bdc-official/ |
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