as it traded at N208 from the N191.50 it sold for on
Monday, January 19. (it's about N215 as of today)
The News Agency of Nigeria (NAN) reports that the
new rate had made the naira to lose N16.50 within
five days. The CBN's website, however, put the
naira
against the dollar at N167.50, while the pound sold
for N253.20 and the euro stood at N193.89.
he development has resulted into speculation in
themarket and caused ripple effects on other currencies.
NAN correspondent who visited some bureau de
change and black market operators in Lagos said
thatthey 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
saidthat 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 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 recalled that the CBN in
November 2014 devalued the naira.
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