The Dollar Exchanged for N412 on Monday at the Bureau De Change Segment of the Market.
This followed a temporary suspension of the sale of forex to the Bureau De Change operators in the industry by the Central Bank of Nigeria. . The Association of Bureaux De Change Operators of Nigeria had made a request to the CBN to grant it market holidays, given the ongoing challenges faced in the local and global economies due to the impact of the coronavirus pandemic. . The CBN granted the BDCs two weeks' market holiday as requested. . According to the BDCs, there had been a drastic decline in demand for forex due to the impact of the COVID-19 on the economy, as businesses were down and many people were not traveling. . The naira had also suffered setbacks as a result of crude oil price that fell drastically in the international market, which raised speculations among the BDC operators and Nigerians in general