Naira hits N215 to dollar at BDC

The Naira on Friday depreciated by N5 to the a dollar as it traded N215 at the Bureau De Change segment of the official market.

It also depreciated by N7 at the black market, selling at N217 to the dollar.

A dealer, who preferred anonymity, told the News Agency of Nigeria in Lagos that the depreciation might be due to the closure of the
Retail Dutch Auction System by the Central Bank of Nigeria.

It was closed by CBN on Wednesday.

NAN reports that the RDAS is a foreign exchange window at CBN, where the Bureau de Change
and commercial banks buy forex.
The dealer said the CBN’s decision, which was meant to control speculations, had made other
currencies to be scarce.

He added that dealers were left to source for forex only at the interbank market unlike in the past when they had three to four segments from
where to buy.

Besides, the Naira against the pound at the BDCs, exchanged for N332 from the N307 it sold on Monday.

It went for N335 at the black market from the N314 it sold four days ago.
The Naira lost N5 to the Euro to sell at N240, when compared with the N235 it sold on Monday at the BDCs.

The currency, at the black market, traded for N244 as against the N237 it traded on Monday.

(NAN)