The naira appreciated to N1,490 against the dollar at the parallel section of the foreign exchange market on Wednesday.Currency traders in Lagos, also known bureau de change operators, quoted the buying price of the greenback at N1,460, and the selling rate at N1,490 — leaving a profit margin of N30.
At the official window, the local currency depreciated by 13.26 percent against the dollar from N1,173.88/$ on May 28 to close at N1,329.65 on Wednesday.high of N1,506 and a low of N1,010, according to FMDQ Exchange, a platform that oversees the official FX trading in Nigeria.
Aminu Gwadabe, president of ABCON, said the capital requirement should be reviewed to allow for easy mergers among BDCs. “For the N2 billion capital base — for those that want to have branches or franchise — we told them we are proposing between N500 million and N1 billion,” he said.Gwadabe also urged the apex bank to allow BDCs to recapitalise instead of reapplying for licences.
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