Currency dealers suffer forex losses as CBN slashes BDC rate to N1,117.5/$

Currency dealers yesterday lamented mounting   losses and declining dollar demand     as the naira appreciated further in the official and parallel markets, following a   12 per cent or N152.23 reduction in bureaux de change, BDC, exchange rate   to N1,117.5 per dollar by the Central Bank of Nigeria, CBN.

Ban on foreign denominated collaterals

Meanwhile,   the CBN   has banned the use foreign denominated collaterals for naira loans.

It, however, exempted from the ban Eurobonds issued by the Federal Government of Nigeria or Guarantees of foreign banks, including Standby Letters of Credit.