Analysts to CBN: Fund BDCs To Reduce Exchange Rate Gap

Naira falls to N505 per dollar at parallel market

The wide gap in the naira/dollar exchange rates in the different segments of the foreign exchange market is likely to be reduced when the Central Bank of Nigeria (CBN) resumes forex sales to Bureaux De Change (BDC), analysts at Cowry Asset Management Limited have said. In the wake of measures introduced by the Federal Government to contain the spread of the coronavirus (Covid-19) pandemic, which included the banning of domestic and international flights, the CBN had on March 26, suspended the sale of forex to BDCs. Analysts said the BDCs’…

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