Nigeria, March 10 -- The stability of the naira is in jeopardy, according to Bureau De Change (BDC) operators, who claim they are not receiving dollars from commercial banks as instructed by the Central Bank of Nigeria (CBN).

BDCs are struggling with poor margins, less favourable offer rates, fewer collaborating banks, limited forex availability, and business uncertainty, according to Aminu Gwadabe, head of the Association of Bureaux De Change Operators of Nigeria (ABCON).

He pointed out that these elements have worked together to encourage speculative activity and currency substitution, which has caused the naira to depreciate.

In the parallel market, sometimes known as the black market, the value of the naira fell precipitously, quot...