Bureaux De Change operators , popularly known as ‘abokis’, who spoke to TheCable on Monday afternoon in Lagos, quoted the naira at N745 to the dollar at the street market.The street traders put the buying price of the dollar at N735 and the selling price at N745, leaving a N10 profit margin.“Demand is fair. People are not rushing to buy dollars at the moment,” one BDC operator in the Victoria Island area of Lagos told TheCable.
At the official market, the local currency fell by 0.11 percent to close at N446.50/$ on Friday, according to details on FMDQ OTC Securities Exchange — a platform that oversees official foreign-exchange trading in Nigeria.Advertisement An analysis of the CBN’s economic reports showed that the apex bank’s interventions in the forex market stood at $12.74 billion in the first eight months of 2022.
When compared with the same period in 2021, the interventions declined by 13.6 percent from $14.74 billion.which limits weekly over-the-counter cash withdrawals by individuals and corporate entities to N100,000 and N500,000, respectively.Ahmadu Fintiri, governor of Adamawa, said the cash withdrawal policy was targeted at the political class and would further throw the
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