Naira Depreciates ,more As It hits ₦208 To The Dollar

The Naira on Friday, January 23, deteriorated against the dollar as it exchanged at N208 from the N191.50 it sold for on Monday, January 19, the News Agency of Nigeria (NAN) reports. The rate has made the Naira to lose N16.50 in five days.

The Central Bank of Nigeria’s site, notwithstanding, put the Naira against the dollar at N167.50, while the Pound sold for N253.20 and the Euro remained at N193.89.  The improvement has come about into hypothesis in the business and brought on expansive influences on different coinage.

As indicated by the Vanguard, some Bureau De Change and Black Market administrators in Lagos said that they couldn’t offer rates to the Pound Sterling and the Euro.  Apparently, merchants who favored secrecy said that there was shortage of dollars available for use. They cautioned that the naira could deteriorate further by one week from now.