The Central Bank Of Nigeria, CBN, recently, decided to start selling dollars to retail currency traders through the commercial banks. According to Reuters, The CBN has decided to sell $1m weekly to each of the 21 commercial banks in Nigeria at the rate of N375 to clear a backlog of demand for retail users.
Due to the shortage of dollars, Licensed Bureaux de Change operators, who the retail users buy from are sourcing from private sources and end up selling at higher rates, there by strengthening the black market.
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