The apex bank in 2021 prohibited the sale of foreign exchange to BDC operators due to their unauthorised sales of foreign exchange above the market they were authorised to serve.

Prior to the ban, BDC operators were a major black market, providing exchange rate support to those who could not formally access foreign currencies directly from the CBN.

The Gazette had reported how the suspension of BDC operators’ ability to source foreign exchange from the CBN could seriously impact the country’s economy by mounting further pressure on the national currency.

However, the value of the naira plummeted to N948 to per dollar as at today showing positive sign of getting to N1000 by the end of the month.