The CBN’s erratic dollar supply is impeding the naira’s recovery.

Currency traders have attributed the weakening of the naira and the volatility of the foreign exchange market to the Bureau De Change (BDC) operators by the Central Bank of Nigeria (CBN).
The BDC operators, who admitted to the positive impact of the dollar sales by the CBN, however, noted that lack of continuity or frequency of the exercise gives rise to loss of confidence in the forex market.
They had advocated for the intervention by the CBN in the retail end of the market to be at least once or twice a week.
Recall that the CBN on July 18, 2024, approved the sales of $20,000 to Bureau De Change (BDC) operators at the rate of N1450/dollar as part of efforts to address forex scarcity, especially at the retail end of the market and strengthen the naira.