Naira Hits 305 against Dollar at Parallel Market

The naira on Wednesday, January 20 rose to 305 at the Bureau De Change (BDC) in Abuja and Lagos.

The dollar scarcity at the BDCs followed CBN’s last week of stoppage of forex sales to the BDCs in a new control on forex operations to save Nigeria’s foreign reserve currently standing at some $28 billion.

Also the CBN policy which closed the RDAS and WDAS windows in 2015 also stopped the banks from selling foreign currencies to BDCs.