Lagos – Vanguard

The Naira on Friday depreciated by
N5 to the dollar as it traded N215 at the
Bureau De Change (BDCs) segment of the
official market.
It also depreciated by N7 at the black
market, selling at N217 to the dollar.

A dealer, who preferred anonymity, told the
News Agency of Nigeria (NAN) in Lagos that
the depreciation might be due to the closure
of the Retail Dutch Auction System (RDAS) by
the CBN.

It was closed by CBN on Feb. 18.
RDAS is a foreign exchange window at CBN
where the Bureau de Change and
commercial banks buy forex.
The dealer said that the CBN’s decision,
which was meant to control speculations,
had made other currencies to be scarce.

He 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.

The Naira lost N5 to the Euro to sell at N240,
when compared with the N235 it sold on
Monday Feb.16 at the BDCs.
The currency, at the black market, traded for
N244 as against the N237 it traded on
Monday. (NAN)