Naira hits N208 to the dollar at BDCs, Black Market

Lagos – The Naira on Friday depreciated against the dollar as
it traded at N208 from the N191.50 it sold for on Monday,
Jan. 19.
The 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.
A some Bureau De Change and Black Market operators in
Lagos, said that they could not give rates to the Pound
Sterling and the Euro.
Dealers who preferred anonymity 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.(NAN)