Naira hits N215 to dollar at BDC

Naira hits N215 to dollar at BDC

The Naira on Friday depreciated by N5 to the a dollar as it traded N215 at the
Bureau De Change segment of the official market.
It also depreciated by N7 at the black market, selling at N217 to the dollar.

A dealer, who preferred anonymity, told the News Agency of Nigeria in Lagos that
the depreciation might be due to the closure of the Retail Dutch Auction System
by the Central Bank of Nigeria.

It was closed by CBN on Wednesday.
NAN reports that the RDAS is a foreign exchange window at CBN, where the
Bureau de Change and commercial banks buy forex.

The dealer said the CBN’s decision, which was meant to control speculations, had
made other currencies to be scarce.
He added that dealers were left to source for forex only at the interbank market
unlike in the past when they had three to four segments from where to buy.

Besides, the Naira against the pound at the BDCs, exchanged for N332 from the
N307 it sold on Monday.
It went for N335 at the black market from the N314 it sold four days ago.

The Naira lost N5 to the Euro to sell at N240, when compared with the N235 it
sold on Monday at the BDCs.
The currency, at the black market, traded for N244 as against the N237 it traded
on Monday.