The Naira on Friday, January 23, depreciated
against the dollar as it traded at N208 from the
N191.50 it sold for on Monday, January 19,
the News Agency of Nigeria (NAN) reports.
The rate has made the Naira to lose N16.50
within five days.
The Central Bank of Nigeria’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.
The development has resulted into speculation
in the market and caused ripple effects on
other currencies.
According to the Vanguard, some Bureau De
Change and Black Market operators in Lagos
said that they could not give rates to the
Pound Sterling and the Euro.
Reportedly, dealers who preferred anonymity
said that there was scarcity of dollars in
circulation. They warned that the naira could
depreciate further by next week.
Comments
Post a Comment