Naira hits N210, 213 to dollar at BDC, black market
The Naira on Monday lost N2 to the dollar to sell at
N210 at the Bureau De Change (BDCs) segment of
the official market.
It also depreciated by N4 at the black market, selling
at N213 to the dollar.
A dealer, who preferred anonymity, said that the
depreciation might not be unconnected with the
closure of trading at the interbank market by the
Central Bank of Nigeria (CBN).
The dealer also said that the CBN’s decision, which
was meant to control speculations in the market,
might be responsible for the depreciation.
The Naira against the pound at the BDCs and black
market sold for N307 and N314 respectively.
It, however, exchanged against the Euro at N235 at
the BDCs, while it sold for N237 at the black market.
CBN Governor, Mr Godwin Emefiele, said that only
BDCs and banks with genuine demand for foreign
exchange will get forex allocation.
The CBN on January 28 put up measures to calm the
strong volatility observed in the forex market to save
the naira from further depreciation.
It increased the weekly supply of dollars per BDC
operator from $15,000 to $30,000 and also set aside
extra $30,000 to the BDC sector.
The banking sector regulator said the move was part
of measures to deepen the BDCs segment.
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