The naira plunged into a swift freefall in the past few days until Nigerian authorities stepped in to halt its dramatic fall.
The naira dipped further, trading at N1,825 to a dollar, despite efforts by the EFCC to disrupt the activities of perceived manipulators and speculators.
“From well over N710 to the dollar, following the commission’s intervention, the naira has appreciated significantly against the dollar,” said Mr Bawa.
Checks by Peoples Gazette on Tuesday revealed that the naira gained value at the parallel market, rising to N665 per dollar from N710 last week.
The House of Representatives member wants CBN to seize all dorm accounts for 12 months.
The association maintained that BDCs are empowered to source FX from other sources and also to provide various services to members of the public.
Analysts predict that the sell pressure would persist as investors adjust their holdings following CBN’s shut out of BDCs from forex supply.
Analysts at Cordros Research say the CBN’s ban on forex sale to BDC operators will further pressure the exchange rate in the parallel market.