Nigeria Economy Getting Worse As Naira Falls To N217 Against The Dollar

The Naira on Friday traded at N215 against the Dollar at the Bureau De Change (BDCs) segment of the official market. It equally sold for N217 at the black market,

This rapid depreciation has been hinged on the closure of the Retail Dutch Auction System by the Central Bank of Nigeria on February 18, 2015.

According to the News Agency of Nigeria, the Retail Dutch Auction System is a foreign exchange window at CBN where the Bureau de Change and commercial banks buy forex.

Although the CBN's decision to close the retail Dutch Auction System was meant to control speculations, a source who spoke to NAN opined that this has made other currencies to be scarce.

The source 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.

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Source: NAN, Newsbeat Portal, Abuja.
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