The naira lost N4 to the dollar to sell at N213 at
the black market and N210 at the Bureau De
Change (BDCs) segment of the official market.
A dealer, who preferred anonymity, told NAN that
the depreciation might not be unconnected with
the closure of trading at the interbank market by
the Central Bank of Nigeria (CBN). The dealer
also said that the CBN’s decision, which was
meant to control speculations in the market,
might be responsible for the depreciation.
Meanwhile the naira against the pound sold at
N307 and N314 at the BDCs and black market
respectively. However, it exchanged against the
euro at N235 at the BDCs, while it sold for N237
at the black market.
On January 28, Godwin Emefiele, governor of the
CBN, directed that only BDCs and banks with
genuine demand for foreign exchange should get
forex allocation. He said the apex bank 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 BDC operator from 15,000 dollars to
30,000 dollars and also set aside extra 30,000
dollars to the BDC sector. The banking sector
regulator said the move was part of measures to
deepen the BDCs segment.

Emefiele why?

And Ngozi Okonjo-lweala is saying the economy is growing!