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| Naira & Dollar |
On Friday the 23rd of January reports have proved that the naira has further more depreciated against the dollar at N208 against the N191.50 it sold for on Monday, 19th Jan making Naira to loose N16.50 in five Days.
According to CBN website the Naira falls against the dollar at N167.50, while the Pound sold for N253.20 and the Euro stood at N193.89S
This recent development has resulted into speculation in the market and caused ripple effects on other currencies.
At some Bureau De Change and Black Market operators within the country, The marketers have 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.
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 positions of banks to 72 hours, also contributed to speculation in the system.
It is also reported that the naira could depreciate further by next week.
The CBN in November 2014 devalued the Naira to N168 to the dollar.(NAN)
The CBN in November 2014 devalued the Naira to N168 to the dollar.(NAN)
