The Nigerian naira has further depreciated against the dollar in the new year leaving many people in economic stress.
The Naira on Thursday remained indifferent to the sale of over 250
million dollars to licensed Bureau De Change (BDC) operators nationwide
as it suffered another loss against the dollar.
The News Agency of Nigeria (NAN) reports that the Naira inched
against the dollar at the early hours of Thursday morning by 2 points
but could not sustain the gain as it shed 3 points to close at N498 to a
dollar at the open market.
The Pound Sterling and the Euro traded at N596 and N520, respectively, at the open market.
At the BDC window, the Naira exchanged at N399 to a dollar, CBN
controlled rate, while the Pound Sterling and the Euro closed at N599
and N522, respectively.
Trading at the interbank market saw the Naira weakening further as
it closed at N305.50, from the N305.25 it recorded on Wednesday.
Traders at the market were hopeful that the Naira would bounce back as quickly as possible.
They, however, noted that the Naira was waging a guerilla-like war
against speculators who manipulate the market for their selfish ends.
It will be recalled that CBN officials met bureau de change(BDC)
operators last week to try to find ways to eliminate the gap between
the official and black market dollar rates.
The naira lost a third of its official value against the dollar in
2016 after the bank scrapped a peg in a bid to alleviate dollar
shortages.
On the black market, the naira is worth about 40 per cent less than the official rate. It closed at N490 to the dollar.
-NAN
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