CBN meets BDCs as Naira depreciates to N466/$

CBN meets BDCs as Naira depreciates to N466/$

THE Naira yesterday de preciated further to N466 per dollar in the parallel market prompting the Central Bank of Nigeria (CBN) to meet with Bureaux De Change (BDC) operators and Travelex to evolve measures to halt the persistent slide of the currency.

Vanguard investigations revealed that the parallel market exchange rate rose yesterday from N460 per dollar on Wednesday to close at N466 per dollar. Hence the naira depreciated by N11 against the dollar this week, up from N455 per dollar at the close of business last week.

BDC sources told Vanguard that the persistent depreciation of the naira ths week was due to a host of factors chief of which was the supply of dollars from Travelex, which has been limited to BDCs in Lagos. Also, the weekly dollar sale of $15,000 by Travelex to each BDC was delayed yesterday aggravating the naira depreciation. Read more

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