Despite the Economic and Financial Crimes Commission (EFCC) conducting raids on Bureau De Change operators, the Naira saw a return to a depreciation trend against the US Dollar at the official exchange market on Thursday.
According to data from FMDQ, the Naira depreciated to N1571.31 per US dollar on Thursday, compared to N1,542.58 on Wednesday, marking a 1.6% depreciation.
This depreciation is attributed to the heightened demand for foreign exchange due to the ongoing clampdown on BDCs by EFCC operatives.
Interestingly, this depreciation follows two days of Naira appreciation against the USD at the official forex market.
In the parallel market, however, the Naira appreciated to an average of N1,680.00 per USD on Thursday from N1,860 per US dollar on Wednesday.
In recent weeks, the Central Bank of Nigeria has implemented various policies to stabilize the Naira amidst fluctuating market conditions. The latest measures include guidelines to discontinue the payout of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) in cash.
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