Naira now goes for 208 to dollar

The naira, on Friday, depreciated against the dollar
as it traded at N208 from the N191.50 it sold for
on Monday, January 19.
The News Agency of Nigeria (NAN) reported that
the new rate had made the naira to lose N16.50
within five days.
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 N193.89.
The development has resulted into speculation in
the market and caused ripple effects on other
currencies.
NAN correspondent who visited some bureau de
change and black market operators in Lagos said
that they could not give rates to the pound sterling
and the euro.
Dealers who preferred anonymity said that there
was scarcity of dollars in circulation.
They said that the Central Bank of Nigeria (CBN)
had stopped selling forex to the bureaux de change
since last year.
The dealers added that the recent review of trading
positions for the forex trading to 72 hours also
contributed to speculation in the system.
The effect, they added, was that the naira could
depreciate further by next week.
NAN recalled that the CBN in November 2014
devalued the naira.