<

Naira hits N210, 213 to dollar at BDC, black market

Lagos – The Naira on Monday lost N2 to the dollar to sell at N210 at the Bureau De Change (BDCs) segment of the official market.

It also depreciated by N4 at the black market, selling at N213 to the dollar.

A dealer, who preferred anonymity, said 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.

The Naira against the pound at the BDCs and black market sold for N307 and N314 respectively.

It, however, exchanged against the Euro at N235 at the BDCs, while it sold for N237 at the black market.

The CBN Governor, Mr Godwin Emefiele, said that only BDCs and banks with genuine demand for foreign exchange will get forex allocation.

The CBN on Jan. 28 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. (NAN)

– See more at: http://www.vanguardngr.com/2015/02/naira-hits-n210-213-dollar-bdc-black-market/#sthash.poYzXrOu.dpuf

Leave a Reply

Protected by WP Anti Spam

International News

Nigerian student`s award winning algorithm could improve accuracy and speed of retinal disease diagnosis
Nigerian student`s award winning algorithm could improve accuracy and speed of retinal disease diagnosis

A new technique for identifying and diagnosing damage to the human retina has been awarded ‘Best Student Paper’ at the industry-leading BIOIMAGING 2018 conference in Portugal. Nigerian doctoral candidate Bashir Dodo,

Read more

 
Shocker! Monkeys swallow N70m belonging to Northern senators
Shocker! Monkeys swallow N70m belonging to Northern senators

After a shocking confession of an official of the Joint Admission and Matriculation Board, JAMB, which claimed that a mysterious snake allegedly swallowed N36 million naira, from the Board’s vault, which

Read more

 
Florida shooting: At least 17 dead in high school attack
Florida shooting: At least 17 dead in high school attack

At least 17 people have been killed in a mass shooting at a high school in Parkland, Florida, police say. The suspect has been named as Nikolaus Cruz, 19, and is

Read more

 

Photo Gallery

Log in | Designed by Platinum Consolidated| Hostgator Coupons
Get Adobe Flash player