The naira, on Friday, depreciated against the
dollar as it traded at N208 from the N191.50
it sold for on Monday, January 19. (it's
about N215 as of today)
The News Agency of Nigeria (NAN) reports
that the new rate had 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 N193.89.
he development has resulted into speculation
in the market and caused ripple effects on
other currencies. NAN correspondent who
visited 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 to 72
hours also contributed to speculation in the
system. The effect, they added, was that the
naira could depreciate further by next week.
NAN recalled that the CBN in November 2014
devalued the naira. (NAN),how unfortunate.
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