Naira Hits 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
said that the depreciation might not be
unconnected with the closure of trading at the
interbank market by the Central Bank of Nigeria
The dealer also said that the CBN’s decision which
was meant to control speculations in the market
might be responsible for the depreciation.
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
NAN recalls that CBN Governor, Godwin Emefiele,
said that only BDCs and banks with genuine
demand for foreign exchange will get forex
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.

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