Dollar Exchanged for N402 on Friday at BDC

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The dollar exchanged for N402 on friday at the Bureau De Change segment of the foreign exchange market.

This followed the suspension of sale of forex to the Bureau De Change operators in the industry by the Central Bank of Nigeria.

The Association of Bureau De Change Operators of Nigeria had made a request to the Central Bank of Nigeria to grant it market holidays given the ongoing challenges faced in the local and global economies due to the impact of the coronavirus pandemic.

The CBN granted the Bureau De Change two weeks market holiday as requested.

According to the Bureau De Change, there had been drastic decline in demand for forex due to the impact of the COVID-19 on the economy, as businesses were down and many people were not travelling.

The naira had also suffered a setback as a result of crude oil price that fell drastically in the international market.

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