The naira weakened on Tuesday, January 12 by 2.51 per cent to exchange at N285 to the dollar at the Bureau De Change (BDCs) segment of the foreign exchange market.
The News Agency of Nigeria (NAN) reports that the naira was traded to the dollar at N278 on Monday Jan. 11
A currency trader,Harrison Owoh, said the further depreciation of the Naira was as a result of the apex bank’s announcement to stop the sale of foreign exchange to BDCs.
Owoh, the Managing Director of HJ Trust Investment Ltd., said that CBN was yet to issue circular informing BDCs on the latest development, adding that they got the information from the pages of newspapers.
He said by CBN allowing dollar deposits into domiciliary accounts by Nigerians means the banks would now have more foreign exchange at their disposal.
