The naira lost N4 to
the dollar to sell at N213 at the black market and N210 at the Bureau De
Change (BDCs) segment of the official market.
A dealer, who preferred
anonymity, told 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.
Meanwhile the naira against the pound sold at N307 and N314 at the BDCs
and black market respectively.
However, it exchanged against the euro at N235 at the BDCs, while it
sold for N237 at the black market.
On January 28, Godwin Emefiele, governor of the CBN, directed that only
BDCs and banks with genuine demand for foreign exchange should get forex
allocation.
He said the apex bank 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
dollars to 30,000 dollars and also set aside extra 30,000 dollars to the
BDC sector.
The banking sector regulator said the move was part of measures to
deepen the BDCs segment.
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