A marketer, who preferred anonymity, stated to NAN that the depreciation might not be unconnected with the recent closure of trading at the interbank market by the Central Bank of Nigeria (CBN). The maketer also mentioned that the CBN’s decision, meant to control speculations in the market, might be the factor responsible for the depreciation.
Meanwhile the Naira against the British pound sold at N307 and N314 at the Bureau De Change and black market respectively. However, the Naira exchanged against the euro at N235 at the Bureau De Change, while it sold for N237 at the black market.
On January 28, Governor of the CBN, Godwin Emefiele gave the directive that only Bureau De Change and banks with genuine demand for foreign exchange should get forex allocation.
He further said the apex bank had put up measures to calm the strong volatility observed in the forex market to save the Naira from further depreciation. It increased the weekly supply of dollars per Bureau De Change operator from 15,000 dollars to 30,000 dollars and also set aside extra 30,000 dollars to the Bureau De Change sector. The banking sector regulator stated that the move was part of measures to deepen the BDCs segment.
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