Naira falls to N1,300/$ at parallel market

With the current record, the official window rate still
surpasses that of the parallel market by N8.52.

The Central Bank of Nigeria (CBN), on April 23, reduced the
FX rate for dollar allocations to BDC operators.

The financial regulator, in a circular signed by Hassan
Mahmud, director of trade and exchange department, said it sold $10,000 at the
rate of N1,021/$ to each BDC.

On April 8, CBN also sold FX to the BDCs at the rate of
N1,101/$, compared to the N1,251 the apex bank offered to the parallel market
operators on March 25 and the N1,301 announced on February 27.