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Once again, the Nigerian naira experienced a decline, reaching N1,350 per dollar in the parallel segment of the foreign exchange (FX) market on Monday.
This latest FX rate marks a 2.27 percent decrease from the N1,320/$ rate recorded on April 26.
Currency traders, commonly known as bureau de change (BDC) operators, set the buying rate at N1,320 and the selling rate at N1,350, resulting in a profit margin of N30.
Meanwhile, at the official window, the local currency depreciated by 1.42 percent to N1,419.11 against the dollar on Monday, down from N1,399.23 on April 26.
According to FMDQ Exchange, the platform overseeing the official window, the dollar recorded an intra-day high of N1,451 and a low rate of N1,060 during trading hours.
In a related development, the Association of Bureaux De Change Operators of Nigeria (ABCON) disclosed plans to establish unified retail end FX market operations on April 27.
Aminu Gwadabe, ABCON’s president, highlighted that this initiative aims to address volatility and enhance regulatory compliance within the bureau de change (BDC) sub-sector.
“The association will sustain its engagement with regulatory agencies, security operatives, and other government bodies to establish a secure and thriving forex market that aligns with regulation and government policies,” he stated.
Gwadabe further explained that the proposed unified retail FX market would streamline regulation, enhance monitoring by security agencies, and increase market visibility for BDC operators.
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