Switch to the dark mode that's kinder on your eyes at night time.

Switch to the light mode that's kinder on your eyes at day time.

Switch to the dark mode that's kinder on your eyes at night time.

Switch to the light mode that's kinder on your eyes at day time.

Nigeria: Naira Weakens Further As CBN Stops Forex Sales To BDCs

by PH January 13, 2016, 8:36 am

Central Back Of Nigeria Floods Banks With Dollars

The naira on Tuesday depreciated by 2.51 per cent to exchange at N285 to the dollar at the Bureau De Change (BDCs) segment of the foreign exchange market.

The media reports that the naira was traded to the dollar at N278 on Monday Jan. 11

A currency trader, Harrison Owoh, said the further depreciation of the Naira was as a result of the Central Bank Nigeria (CBN’s) announcement to stop the sale of foreign exchange to BDCs.

Owoh, the Managing Director of HJ Trust Investment Ltd., said that CBN was yet to issue circular informing BDCs on the latest development, adding that they got the information from the pages of newspapers.

According to him, by CBN allowing dollar deposits into domiciliary accounts by Nigerians means the banks would now have more foreign exchange at their disposal.

He said that the announcement that the BDCs should source for foreign exchange from the autonomous market needed to be defined by the CBN.