Naira Hits Record Of N210/N213 To Dollar At Bureau De Change & 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 spoke on condition of anonymity, told the News Agency of Nigeria (NAN) 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.

NAN reports that 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.

NAN recalls that CBN Governor, Godwin Emefiele, said that only BDCs and banks with genuine demand for foreign exchange will get forex allocation.

The CBN on Jan. 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 dollars to the BDC sector.

Source: The News Agency of Nigeria (NAN)