As ABCON cracks down on the black market, the exchange rate will depreciate

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As ABCON cracks down on the black market, the exchange rate will depreciate.

The Nigerian Naira revalues to a record low of N410.9 to $1 on the 13th of the month. The naira closed at N410.9/$1 at the official Investors and Exporters window.

The Nigerian currency appreciated by 0.04% on Thursday to close at N410.9/$1, compared to N411/$1 as at Wednesday.

Naira depreciated against the US dollar on Thursday: it fell from N411/$1 recorded on Wednesday to N410.9/$1.

The Association of Bureau de Change Operators of Nigeria will begin Operation No Street Trading to stop the hawking of foreign exchange by BDC.

ABCON said it will begin an “Operation No Street Trading” to stop BDC operators from hawking FX.

Recently, there has been a trend toward higher exchange rates, especially after the Central Bank of Nigeria chose to adopt the new “NAFEX”.

Unfortunately, the Naira appreciated against the US dollar at the I&E window on Thursday, 3rd June 2021. This is 18 kobo higher than the N411.06/$1 recorded yesterday.