BDCs incur forex losses as black market Naira firms
Nigeria’s Bureau De Changes (BDCs) have incurred forex losses from dollars sourced via the Central Bank of Nigeria after the value of the Naira on the black market rallied following interventions on the official market, the BDCs’ head said on Monday.
Bureaux de Change operators sold dollars bought from the CBN to individuals at 399 Naira per dollar, while the black market Naira firmed to 390 last week, Aminu Gwadabe told Reuters.
Gwadabe said retail operators had incurred a foreign currency loss of 130 million Naira based on the rate differential after the CBN sold $25 million to his members last week. (REUTERS)
