Naira to dollar now N208 at BDCs, Black Markets

The Naira on Friday sold against the dollar for N208 at the Bureau De Change (BDC) segment of the foreign exchange market.

NAN reports that the Naira against the Pound at the BDC also traded for N314 while it sold for N235 against the Euro.

At the black market segment, the Naira against the dollar exchange for N209 and traded for N310 against the pound.

It was, however, unchanged to the Euro at the black market.

NAN recalls that the Central Bank of Nigeria (CBN) on Jan. 28 calmed the strong volatility observed in the forex market and also saved the Naira from further depreciation.

The CBN increased the weekly supply of dollars per BDC operator from 15,000 dollar to 30,000 dollar.

The move is to deepen the BDCs segment.

Culled from: http://www.pmnewsnigeria.com