The Naira on Friday depreciated further at the parallel market, amidst intense regulation of the activities of operators of the Bureau de Change (BDCs) by the Central Bank of Nigeria (CBN).
The currency lost N0.5 to the dollar as it exchanged for N226.5, as against its previous value of N226.
The official exchange rate at the interbank window remained at N197 to the dollar.
Traders at the parallel market attributed the recent depreciation of the naira to the apex banks further tightening of the conditions of operation of the BDCs, making more people to access forex at the parallel market.
They said that the CBN now required operators of the BDCs to show the name of the person/company buying forex, his Bank Verification Number (BVN) and his ticket, if he was travelling.
Naira maintains steady depreciation at parallel market
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