After trading at 980/$ on Wednesday in the black market, the naira kept moving in the direction of depreciation.
Naira to dollar exchange rate was 950/$ a week earlier.
Bureau de Change (BDC) employees reported a fall in the Nigerian naira due to a shortage of foreign cash.
The Central Bank of Nigeria has been encouraged by the Association of Bureaux De Change Operators of Nigeria (ABCON) to offer digital autonomy to BDCs for exchange rate convergence.
ABCON has trained compliance officers to ensure BDCs follow the CBN’s laws and regulations, and the CBN closely monitors their business operations.
The naira strengthened slightly on the FMDQ. The Central Bank’s approval is needed for BDCs to transition to digital operations.
