Lagos – The Naira on Friday depreciated by N5
to the dollar as it traded N215 at the Bureau De
Change (BDCs) 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 (NAN) in Lagos that the
depreciation might be due to the closure of the
Retail Dutch Auction System (RDAS) by the CBN.
It was closed by CBN on Feb. 18.
RDAS is a foreign exchange window at CBN
where the Bureau de Change and commercial
banks buy forex.
The dealer said that the CBN’s decision, which
was meant to control speculations, had made
other currencies to be scarce.
He also said that dealers were left to source for
forex only at the interbank market unlike in the
past when they had three to four segments 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
Feb.16 at the BDCs.
The currency, at the black market, traded for
N244 as against the N237 it traded on Monday.
(NAN)
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