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BANKING & FINANCE

Hurray! Naira Gains N2 As CBN Intervenes In BDC Segment

Following announcement by the Central Bank of Nigeria (CBN) to intervene in the Bureaux de change, BDC, segment of the foreign exchange market by selling additional $30,000 to each them on Friday January 30, the Naira appreciated by N2 at the parallel market on Tuesday, February 3.

In response to this, the parallel market exchange rate dropped to N207 per dollar from N210 on Monday, causing a reduction in the gap between the official and parallel market exchange rate to N39 from N42.

The decision of the apex bank to intervene in the BDC segment was announced in a circular signed by Olalekan Gbadamosi, Director, Trade and Exchange Department, CBN.

BDC operators lauded the decision of the apex bank and resolved to reciprocate the gesture by ensuring stability of the exchange rate and forestall further depreciation of the naira in the BDC segment.

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