October 23, 2018

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Naira strengthens amidst crackdown on BDCs

Naira strengthens amidst crackdown on BDCs

The naira strengthened against the dollar, Friday, amidst a crackdown on Bureau De Change operators, across major Nigerian cities by operatives of the State Security Service, SSS. Security operatives have since Wednesday been raiding the offices of some currency traders, accused of illegal activities, in major cities including Lagos and Abuja, in order to salvage the declining value of the Naira.

The clampdown followed a meeting between the Central Bank of Nigeria, CBN, the SSS and leadership of the Bureau de Change (BDC) association aimed at finding solutions to the poor performance of the national currency against other international currencies, particularly the dollar, in the money market.

Following the exercise, which continued on Thursday, Naira on Friday showed signs of strengthening against the dollar in all segments of the foreign exchange market. At the interbank market, the currency gained N1.45 to its exchange value to the dollar, closing at about N304.75, from N306.50 recorded on Thursday. Read more

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