Naira declines to N1,450 per Dollar in black market

The naira experienced a notable decline on Thursday afternoon, reaching N1,450 per dollar in the parallel market.

Bureau De Change operators listed the purchase rate at N1,350 and the approximate selling rate at N1,450, indicating a profit margin of N100. Recently, the CBN reduced the foreign exchange rate for dollar distributions to BDCs, offering $10,000 at N1,021 per dollar, approximately 21% below the official rate reported by FMDQ. This move aimed to enhance liquidity in the unofficial market.

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