Naira depreciates to 304 per dollar – The intense scarcity of the Dollar in the market has caused the Naira to further crash, losing another N4 in value.
According to The Vanguard, the Dollar rose to N303 from N299 in Lagos, and N304 in Kano & Abuja, with BDC operators blaming the lack of dollars for the continued crash.
“There is no dollar, that is why the rate is going up,” Mr. Harisson Owoh, Chief Executive Officer, H.J Trust BDC told the newspaper.
Another BDC operator said: “People are looking for dollars, while nobody is willing to sell. There is also the expectation that the Monetary Policy Committee (MPC) of the Central Bank of Nigeria will devalue the Naira but we know they will not.”