The Nigerian Central Bank has reportedly detained some Bureau De Change operators in what appears to be a desperate bid to halt the slide of the Naira.
The Naira has lost value significantly this year on the back of several CBN trial and error policies. Despite announcing a float of the currency a few months ago, CBN has attempted to peg the value of the Naira, resulting in two different valuations for the currency.
While the CBN maintains an official rate of N305, the Naira trades against the Dollar on the parallel market for N460.
Sources say the CBN is attempting to force black market operators to sell at N395, a move which will undoubtedly prove disastrous.
Already, many black market operators who meet the largest chunk of demand for foreign have suspended forex sales.