In response to the forex crisis, the Central Bank of Nigeria has announced a number of operational modifications to Bureau De Change operations.
This information was provided on Friday by the apex bank as part of newly detailed steps to reduce BDC operations in Nigeria and increase efficiency.
The new framework allows BDC operators to anticipate to purchase and sell within a range of -2.5% to +2.5% of the weighted average rate of the Nigerian Foreign Exchange market window from the previous day.
The measure, according to the apex bank, is anticipated to increase exchange rate stability and transparency, ultimately helping BDC businesses and the general public.
The Acting Governor of the CBN, Folashodun Shonubi, reportedly threatened that the regulator would devise a strategy to checkmate forex speculators, according to Platinum Times.