Naira Now Trades For N213 For $1

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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.



King is a writer and guitarist. He is an opinionated, multi talented individual with love for music and everything it concerns

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