The Nigerian naira experienced a decline against the US dollar in the foreign exchange market on Friday, driven by ongoing raids on Bureau De Change operators by the Economic and Financial Crimes Commission (EFCC) and the distribution of January’s Federation Account Allocation Committee revenue to all levels of government.
According to data from FMDQ, the naira depreciated to N1,665.50 per US dollar at the close of trading on Friday, down from N1,571.31 on Thursday. Despite the EFCC’s crackdown on BDCs leading to increased demand for foreign exchange, the naira’s value declined. This occurred following two days of appreciation against the US dollar in the official forex market earlier in the week.
Similarly, on the parallel market, the naira was exchanged for N1,800.00 per USD on Friday, compared to an average of N1,680 on Thursday.
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