Naira hits N208 to the dollar at BDCs, Black Market
The Naira, on Friday, depreciated against the dollar
as it traded at N208 from the N191.50 it sold for on
Monday, January 19.
The new rate has made the naira to lose N16.50
within five days.
The CBN’s website, however, put the Naira against
the dollar at N167.50, while the Pound sold for
N253.20 and the Euro stood at N193.89S
The development has resulted into speculation in the
market and caused ripple effects on other
currencies.
Some Bureau De Change and Black Market operators
in Lagos could not give rates to the Pound Sterling
and the Euro.
Some of the dealers said that there was scarcity of
dollars in circulation.
They said that the Central Bank of Nigeria (CBN) had
stopped selling forex to the Bureaux De Change,
since last year.
The dealers added that the recent review of trading
positions for the forex trading positions of banks to
72 hours, also contributed to speculation in the
system.
The effect, they added, was that the naira could
depreciate further by next week.
The CBN in November, 2014 devalued the Naira to
N168 to the dollar.
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