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The local currency had appreciated to around 450 after security agents carried out series of raids on Bureau De Change operators, who sold the greenback above the N400 stipulated by the Central Bank of Nigeria.
Security agents have been raiding the offices of the BDC operators, ordering them to sell dollar at a lower rate in a bid to break the fall of the local currency.
However, the naira started recording losses gradually again as fresh dollar scarcity hit the official and parallel foreign exchange markets.
“The clampdown on the black market operators by security agents has negatively impacted dollar supply to the market,” one Bureau de changer operator told Reuters.
At the official market, the naira closed at 305 against the dollar, the level it has closed since August.
The naira is expected to depreciate slightly further in coming weeks at both the official and parallel markets on the back of gradual increase demand for forex by small businesses stocking for the Christmas and New Year sales.
Security agents have been raiding the offices of the BDC operators, ordering them to sell dollar at a lower rate in a bid to break the fall of the local currency.
However, the naira started recording losses gradually again as fresh dollar scarcity hit the official and parallel foreign exchange markets.
“The clampdown on the black market operators by security agents has negatively impacted dollar supply to the market,” one Bureau de changer operator told Reuters.
At the official market, the naira closed at 305 against the dollar, the level it has closed since August.
The naira is expected to depreciate slightly further in coming weeks at both the official and parallel markets on the back of gradual increase demand for forex by small businesses stocking for the Christmas and New Year sales.