BDC operators lament forex scarcity as dollar goes for N1000 in black market

Bureau De Change operators supplied the dollars at various rates in the black market on Wednesday.

To the surprise of many who stormed the black market in search of foreign currency, a particular vendor sold the United States currency for N1000/$1 during the launch hours on Wednesday.

The vendor, who is based in the Iju-Ishaga area of Lagos, lamented the dollar scarcity, saying the development had pushed up the exchange rate from N900/$1 he sold the currency on Tuesday.

However, some Bureau De Change operators offered the currency at a reduced rate of N865/$

They told Ripples Nigeria the USD was sold for N855/$1 the previous day.

READ ALSO: Naira official rate remains unchanged, value drops in black market

Two other operators revealed that the scarcity of dollars has slowed down their businesses.

The Central Bank of Nigeria (CBN) suspended sales of forex to the BDC operators last year.

The CBN Governor, Godwin Emefiele, who announced the suspension at a press briefing in Abuja, accused BDC operators of using their centres to aid illicit businesses which fuel money laundering.

The Naira suffered the same fate at the official exchange market on Tuesday, going down by -0.6 percent to exchange for N446/$.

The dollar edged over the Naira after it was exchanged for N443/$1 on Monday.

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