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.
