Naira hits N208 to the dollar at BDCs, Black Market

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– The Naira Friday depreciated against the dollar as it traded at N208 the N191.50 it [pro_ad_display_adzone id=”10″]sold for Monday, Jan. 19.
The News Agency Nigeria (NAN) reports that the new rate has made the naira lose N16.50 within five days.
The CBN’ website, however, put the Naira against the dollar at N167.50, while the Pound sold for
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N253.20 and the Euro stood at N193.89
The development has resulted into speculation the market and caused ripple effects other currencies.
The NAN correspondent who visited some Bureau De Change and Black Market operators , said that they could not give rates the Pound Sterling and the Euro.
Dealers who preferred anonymity said that there was scarcity dollars circulation.
They said that the Central Nigeria (CBN) had stopped selling forex 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.
NAN recalls that the CBN in November 2014 devalued the Naira to N168 to the dollar.(NAN)