Naira is now N208 to One Dollar at Bureau De Change & Black Market

The Naira on Friday depreciated against the dollar as it traded at N208 from the N191.50 it sold for on Monday, Jan. 19. But 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 N193.89S.

Some Bureau De Change and Black Market operators in Lagos, said that they could not give rates to the Pound Sterling and the Euro due to scarcity of dollars in circulation.  Owing to the new policy of  Central Bank of Nigeria (CBN) that stopped selling forex to the Bureaux De Change, since last year. More so, the recent review of trading positions for the forex trading positions of banks to 72 hours, also contributed to speculation in the system.

Credit:Vangaurd